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Copper June 17, 2024 09:30:50 PM

Copper Slumped to Eight Week-Low as Chinese Economic Data Spotlights Continued Weakness

Paul Ploumis
ScrapMonster Author
The slump in housing sector deepened further.

Copper Slumped to Eight Week-Low as Chinese Economic Data Spotlights Continued Weakness

SEATTLE (Scrap Monster): Copper prices continued to slide down further, after most recently published Chinese economic data suggesting further weakness in the metal’s largest market.

The local copper prices in China registered a decline of almost 1% to $9,655 a ton, thereby heading towards its lowest close on the London Metal Exchange (LME) in nearly two months. The Chinese economic data added to concerns over ongoing weakness in demand recovery for the industrial metal. The industrial output as well as fixed-asset investment recorded slower growth, although retail sales remained stronger during May this year. The slump in housing sector deepened further.

The Chinese administration had rolled out several measures aimed at strengthening growth and stabilization of the property sector. However, the data released Monday suggests that these actions have not been able to deliver desired results, thereby indicating the need for more powerful actions. The real estate investment and prices for homes both continued to decline during the previous month.

The copper prices had hit peak last month, but has been witnessing rapid decline since then, mainly on account of concerns over rising global inventories and weakening Chinese data. The U.S. Fed decision to postpone rate hikes last week also led kept metals under pressure, analysts said.

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