Copper closes due to nervousness compared to Chinese demand economy

The prices of copper fell on Monday after a weak production data China, the main consumer of the metal, generated nervousness on demand, but a decline in inventories in deposits approved by the London Metal Exchange (LME) supported investor confidence.

the copper referential in the London Metal Exchange with a decrease of 0.1% to US $ 6.250 per ton.

The growth of the processing sector China It stagnated in September when both external and domestic demand weakened, according to two surveys released on Sunday, in an indication that the rates charged by United States They cause great damage to the economy.

China It represents almost half of world demand estimated this year around 24 million tons.

Stocks of copper in the deposits of the LME, which reach 199.125 tons, they have almost halved since the end of March and have been at their lowest level since December last year.

The market is also worried about aluminum stocks in the market LME, which reached 987,800 tons, since they have been reduced to more than half since January of last year and have been at the lowest level since the beginning of 2008.

Among other things base metalsaluminum rose 1% to $ 2,083 per ton, and zinc rose by 1.7% to US $ 2,656 per ton, after touching US $ 2,658 per ton, the highest level since August 8.

Lead decreased by 0.3% to US $ 2,030.5; tin rose 0.5% to US $ 18,975 and nickel lost 0.7% to US $ 12,510 per tonne.

Source: Reuters

Source link