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Copper price rises despite slow recovery in China www.mining.com
The copper price rose on Friday despite slow demand recovery in China and concerns over global economic growth.
Copper for delivery in September was up 1.89% on the Comex market in New York, touching $3.76 per pound ($8,272 per tonne). Since the beginning of the year, however, the metal is down 1%.
The most-traded August copper contract on the Shanghai Futures Exchange fell 2.4% on a quarterly basis.
“China’s economic recovery after covid-19 has disappointed with hopes for a demand boost now fading,” said ING analyst Ewa Manthey.
“We remain cautious heading into the second half of the year with sluggish demand from China pointing to lower prices.”
China factory activity declined for a third straight month in June and weakness in other sectors deepened, official surveys showed on Friday, adding pressure for authorities to do more to shore up growth.
“There is no end in sight in the near future to the gloomy sentiment surrounding China’s economic recovery,” Commerzbank said in a note.
(With files from Reuters)
Published Date:2023-07-02
