- Write by:
-
Friday, August 18, 2023 - 22:13:43
-
200 Visit
-
Print
Mining News Pro - Copper headed for a third straight weekly loss — tracking a broad slide in global risk assets — as concerns about China’s economy and widening housing crisis put markets in bearish mood.
The metal steadied on the London Metals Exchange on Friday. Pessimism over China’s growth prospects is building after the country’s state-owned property developers warned of widespread losses, fueling concerns turmoil is spreading from the private sector.
The Chinese real estate sector is a globally significant source of metals consumption and a crucial driver of the country’s economy. A gauge of major LME contracts is near its lowest since May as the gloom over the demand outlook intensifies.
While the country’s economic rebound following a year of lockdowns to curb coronavirus has already disappointed metals bulls, worse may be yet to come. Property woes have led to a cash crunch for shadow banking giant Zhongzhi Enterprise Group Co., further undermining risk appetite.
Chinese authorities are stepping up efforts to bolster financial markets and the yuan. The People’s Bank of China delivered a surprise interest rate cut this week, the biggest reduction since 2020, and its most forceful yuan fixing guidance ever on Friday.
The recent slide in the Chinese currency has eroded the buying power of local commodities importers, and blunted the impact of lower metals prices. Recent actions by the authorities have helped it consolidate.
Copper futures nudged down to trade at $8,225.50 a ton on the LME by 3:40 p.m. local time. Zinc fell 0.5% and aluminum slipped. All metals except for lead were heading for weekly losses.
Short Link:
https://www.miningnews.ir/En/News/627253
Australia’s Whitehaven Coal said it expected higher prices for steelmaking coal in the near and medium term due to ...
Copper prices have retreated from a record in May on concerns about the strength of demand in China, where growth was ...
Zimbabwe’s state-owned Kuvimba Mining House has signed a $310 million deal with a consortium of British and Chinese ...
Codelco chairman Maximo Pacheco said on Thursday that the state-run copper giant expects production this year to outdo ...
A shortage of copper concentrate this year has forced a few smelters in China to cut output, and more curtailments could ...
Mercedes-Benz Group AG and Stellantis NV are in discussions with Serbia’s government to invest in lithium-processing and ...
Two Chinese copper smelters have laid out plans to reduce production next year as an imbalance between mine supply and ...
The world’s biggest iron ore producers are hurling plenty of dirt, adding tons of the steel-making commodity to the ...
Copper edged down to a two-week low in choppy trading, amid uncertainty over supply and demand in China and weakness in ...
No comments have been posted yet ...