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Copper Climbs on Chinese Property & Infrastructure Data

Metal News - Published on Tue, 22 Oct 2019

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Copper prices rose after positive Chinese data on property and infrastructure growth, while zinc and lead hit multi-month highs as investors worried about shortages. Industrial metals prices were volatile after China’s economic growth slowed slightly more than expected to 6% YoY in the third quarter, the weakest pace in almost three decades.

Prices headed higher, though, as investors digested the data, which also showed China’s property investment grew 10.5% in the first nine months of 2019, infrastructure investment rose 4.5% and industrial output outpaced forecasts at 5.8% in September.

Mr Nicholas Snowdon, an analyst at Deutsche Bank in London said that “There was a slight re-acceleration in property new starts growth, which is quite an important signal given a lot of pessimism about the Chinese property sector. There was also a slight pickup in infrastructure investment growth, so the two key drivers of on-shore metals demand were slightly on the positive side, but they’re nothing to get too carried away about.”

A Singapore-based metals trader said China was likely to roll out further stimulus measures in sectors such as real estate and infrastructure to boost growth in the fourth quarter.

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Posted By : Rabi Wangkhem on Tue, 22 Oct 2019
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