Copper Settled Flat Amid Growing Concerns About The Chinese Economy’s Resiliency.
Copper prices saw a modest increase of 0.18% yesterday, settling at 759.05, amid growing concerns regarding the resilience of the Chinese economy, particularly in light of weak consumer sentiment and challenges within the debt-laden property sector. The industrial sector in China, the world’s largest consumer of copper, continued to display signs of sluggishness, as reflected in the seventh consecutive decline in factory activity according to official manufacturing PMI data. Worries over the Chinese economy’s ability to sustain demand weighed on copper markets, with stocks of deliverable copper remaining steady and the Yanghsan copper premium sharply lower, indicating reduced demand for physical copper from factories.
