Copper prices were seen trading flat on Friday and set for the first weekly drop in almost a month as traders weigh on the downbeat industrial production in China, the world’s biggest consumer of the commodity.
Copper prices slid 0.5% to $6,625 a metric ton on the London Metal Exchange at the time of writing. The price for the commodity has declined by 13% this week and 10% this year. Copper Futures for December delivery slid 0.1% to $2,986 a pound on the Comex in New York and retreated 0.5% to end at 47,160 yuan a ton in Shanghai.
Europe
The recent GDP reports from Eurostat signaled a weak recovery from the euro-block in the third quarter of the year.
However, the preliminary report from the Federal Statistical Office (Destatis) showed that the German economy expanded in the third quarter, rising 0.1% in the third quarter.
A separate report showed that Italy’s gross domestic product (GDP) contracted 0.1% in the July-September.
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The eurozone’s output from manufacturers and mines jumped 0.6% in September, according to the Luxembourg-based Statistical Office Eurostat.
China – Copper
The industrial output for the world’s second –largest economy climbed 7.7% in October, compared to analysts forecast of 8.0%, data from the National Bureau of Statistics showed (NBS).
“We will likely see China’s economy under pressure in the fourth quarter as yesterday’s data was weaker than expected,” said Lian Zheng, an analyst at Xinhu Futures said. “Copper supply is ample as refined imports have been strong recently on higher domestic prices,” he added.
The post Copper Set for Weekly Decline on Slow Demand appeared first on | HY Markets Official blog.
