CSCCF - Copper base metals prices sink on weak Chinese economic growth data

2023-07-17 07:57:03 ET

Freeport McMoRan ( NYSE: FCX ) -2.2% pre-market Monday as copper prices fell sharply following weak economic data from top metals consumer China.

According to Reuters, three-month benchmark copper ( HG1:COM ) on the London Metal Exchange recently traded -2.5% to $8,460/metric ton, while the most-traded August copper contract on the Shanghai Futures Exchange was -1% to 68,740 yuan/metric ton.

ETFs: ( CPER ), ( NYSEARCA: COPX ), ( JJC ), ( JJCTF )

Prices for aluminum, zinc, lead, tin and nickel all fell more than 1% on the LME.

Also trading lower pre-market: Rio Tinto ( RIO ) -1.8% , ( BHP ) -1.8% , Alcoa ( AA ) -1.5% , Southern Copper ( SCCO ) -1% .

Other potentially relevant tickers include ( TECK ), ( HBM ), ( ERO ), ( OTCPK:FQVLF ), ( OTCPK:LUNMF ), ( OTCPK:CSCCF )

Q2 data showed China's economy grew only 0.8% Q/Q, as demand weakened at home and abroad, adding to pressure on policymakers to deliver more stimulus, and China's non-ferrous production last month continued to rise Y/Y.

Base metals fell despite a weaker U.S. dollar, which hovered near 15-month lows after posting its biggest weekly drop so far this year.

Copper stocks in Shanghai Exchange warehouses reportedly rose for a third consecutive week, to 82,690 metric tons.

More on Freeport McMoRan:

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• Analysis: Freeport McMoRan: Copper Giant With Potential For The Energy Transition
• Stock price return: Up 9% YTD, up 65% in the past 12 months

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