Copper traded near the lowest in 6 years due to Chinese statistics

Copper traded near the lowest in 6 years due to Chinese statistics

The price of copper is affected by the pessimism due to weak statistics from China, where in October annual growth in industrial production in the PRC slowed to 5.6%.

MOSCOW, 12 Nov. Copper prices decrease on Thursday, trading in the region of minimum marks for the last 6 years, against the background of weak statistics from China, which reinforced fears over the economic Outlook of the country and the demand for the metal, according to AFP.

As at 07.58 GMT December futures for copper on the Comex became cheaper on 0,16% — to 2,22 us dollar per pound (about 0.45 kilograms).

At the end of trading environment, the cost of a ton of copper on the London metal exchange (LME) for delivery in three months rose by 0.36% to $ 4943 a tonne. The price of a ton of aluminum rose by 0.66%, to 1518 dollars, zinc — on 1%, to Ala.

With pessimism investors continue to react to data from the National Bureau of statistics of China, which on Wednesday reported annual growth rate of the industrial production of China in October slowed to 5.6% from September’s figure of 5.7%. The indicator has appeared worse forecasts of the analysts expecting its value at the level of 5.8%.

Analysts, opinion quoted by the Agency MarketWatch, noted that since the beginning of this year, copper prices fell by 22%, and it seems that the recession is not yet over. Since 1994 metal prices began to negatively correlate with the dynamics of the S&P 500 index, that is, to move him in opposite directions. In 2005, copper prices returned to the unidirectional dynamics with the stock market, and in 2012, again headed for the divergence.