- Write by:
-
Monday, May 15, 2023 - 23:28:18
-
89 Visit
-
Print
Mining News Pro - The London Metals Exchange Index — a gauge for the six main metals traded on the bourse has tumbled more than 30% since its record high in 2022.
The index this month collapsed below its 200-day moving average, a technical measure closely watched by traders and analysts.
The move reflects the uncertainty about China’s economic recovery as concerns mount over the demand picture for base metals.
China’s imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand.
Copper futures, which were poised to benefit from China’s reopening from stringent covid restrictions, have fallen about 8% this quarter.
Meanwhile, Chinese imports of the red metal dropped to their lowest since October last month.
Zinc prices are also on the slide, with LME three-month metal hitting a two-and-a-half-year low of $2,517.50 per tonne on Friday.
“Zinc’s slump is part of a broader price retreat across the base metals complex as China’s post-lockdown bounce-back continues to disappoint,” wrote Reuters columnist Andy Home.
The iron ore price hit a six-month low at the beginning of the month, as Chinese mills announced plans to increase equipment maintenance amid shrinking margins.
China Baowu Steel Group unit said the domestic and global environment for steelmakers remains “severe” and Chinese demand will continue to slow this year.
Short Link:
https://www.miningnews.ir/En/News/622927

Mining News Pro - London Metal Exchange (LME) stocks of tin have grown steadily over the summer months and have reached ...

Mining News Pro - Barrick Gold Corp.’s top executive says it’s not just Saudi Arabia interested in his company’s massive ...

Mining News Pro - US Steel Corp is locked in a spat with rival steelmaker Cleveland-Cliffs Inc over a confidentiality ...

Mining News Pro - With the recently approved acquisition of Newcrest Mining, Newmont will be well-positioned to set the ...

Mining News Pro - Norway’s second-largest listed oil and gas company, Aker BP, said it would consider applying for ...

Mining News Pro - Executives at Fortescue Metals Group Ltd., who have held a series of investor meetings following a ...

Mining News Pro - Rio Tinto has been solely funding preparatory work at the blocks it holds at Simandou, one of the ...

Mining News Pro - A top Indian minister held talks on boosting critical mineral mining cooperation with Canadian ...

Mining News Pro - Chile’s Codelco is ending long-term contracts to sell copper concentrate to Chinese clients from 2025, ...
No comments have been posted yet ...