Copper prices decline as Chinese demand wavers

Economies.com
2023-04-27 14:54PM UTC

Copper prices fell on Thursday amid concerns about higher US interest rates, while Chinese demand disappointed the markets so far.

 

Copper three-month futures at the London metals exchange fell 0.4% to $8,520 a tone, while June copper futures at the Shanghai Futures Exchange fell 0.7% to 66,610 yuan a tone.

 

Profits of industrial corporations shrank a bit in the first three months of the year, however it was a modest decline as the economy strives to recoup. 

 

Traders are betting on strong Chinese demand to boost prices, however so far the recovery of China's economy was milder than expected. 

 

Prospects of higher US interest rates hurt prospects of global growth and demand on industrial metals. 

 

China is also scheduled to enter a holiday next week for several days, in turn hurting demand further and potentially driving prices down by $300 a tone at the London Exchange. 

 

As for other metals, aluminium prices at the London Metals Exchange fell 0.4% to $2,317 a tone, while nickel prices fell 0.1% to $23,630, while Zinc shed 0.7% to $2,625, while tin lost 0.8% to $25,545. 

 

Otherwise, the dollar index rose 0.2% to 101.6 as of 14:42 GMT, with a session-high at 101.8, and a low at 101.2. 

 

Copper futures in the US fell 0.3% to $3.85 a pound as of 14:39 GMT.

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