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Copper Prices Steady as China Factory Activity Improves

Metal News - Published on Thu, 03 Oct 2019

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Reuters reported that Copper held steady on Monday as above-consensus industrial activity data from top consumer China supported prices, but weak demand due to the prolonged US-China trade war weighed on sentiment. Benchmark copper on the London Metal Exchange was untraded in official rings, and was last bid down 0.1% at USD 5,759 a tonne. Prices of the metal widely used in power and construction last week touched USD 5,711, their lowest since September 4.

Commerzbank analyst Daniel Briesemann said that “The surprisingly positive China PMI data is giving some support to prices of copper and other metals, but it might be short-lived. The market is waiting for trade talks. We don’t expect much activity before then due to celebrations in China (to mark 70 years of Communist Party rule)”.

Another official survey showed factory activity picked up in September on improving domestic demand, despite shrinking for the fifth straight month as new export orders continued to fall.

The official PMI was at 49.8 in September, slightly higher than 49.5 in August.

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Posted By : Rabi Wangkhem on Thu, 03 Oct 2019
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