HBM - Copper slumps to six-week low other base metals drop after weak China data
2023-08-15 08:57:48 ET
Prices for copper and other base metals are lower in London Tuesday, hurt by a weaker demand outlook from China after the release of data revealing slower growth in industrial production and declining investment in the property sector.
China's industrial production rose 3.7% in July compared to a year ago, below the 4.4% increase analysts had expected, and real estate investment in July fell by 8.5% from a year ago, a greater decline than in June.
The government cut key policy rates to shore up activity, but analysts said more support was needed to spark growth .
According to Reuters, benchmark copper ( HG1:COM ) on the London Metal Exchange traded -1.2% at $8,189/metric ton, on track for its fourth straight daily decline, after hitting $8,163/ton, its lowest since June 29.
ETFs: ( NYSEARCA: CPER ), ( NYSEARCA: COPX ), ( JJC ), ( JJCTF )
Freeport McMoRan ( NYSE: FCX ) -2.1% pre-market; other potentially relevant tickers include ( SCCO ), ( BHP ), ( RIO ), ( TECK ), ( HBM ), ( ERO ), ( OTCPK:CSCCF ).
LME aluminum ( LMAHDS03:COM ) was little changed after touching its lowest since July 7 of $2,136.50/metric ton; the discount for near-term delivery compared with the three-month LME aluminum contract rose to its highest since the 2008 global financial crisis, indicating weak demand.
LME nickel slid to its lowest since July 2022 at $19,795/metric ton, and zinc touched its weakest level since June 6 at $2,305/ton.
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Copper slumps to six-week low, other base metals drop after weak China data