COPPER NEWS 01/02/2024 UPDATE BEST TRADING TIPS FOR BEGINNERS BY https://www.youreasytrade.com GET MORE INFO CW/7302366166
Copper Dropped As Data Showed Contraction In Manufacturing Activity In China.
Copper experienced a modest decline of -0.2%, settling at 733.25, driven by manufacturing contraction in China. Despite stocks in LME-registered warehouses decreasing by 24% since October to 146,475 tons, the cash discount over three-month copper contracts suggests no immediate concerns about supply shortages in the LME market.
The China Nonferrous Metals Industry Association (CNIA) recommended copper smelters reduce production and delay new projects due to tightening raw material supplies, aggravated by unexpectedly tight copper concentrate availability following the closure of a major mine in Panama.
