Copper braces for more bad news from China

30th May 2023

By: Reuters


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Copper prices on Tuesday hovered a little above last week's six-month low as investors braced for Chinese data that is expected to show a further contraction in factory activity.

Benchmark copper on the London Metal Exchange (LME) was up 0.1% at $8 141 a tonne in official trading having gone as low as $7 867 on May 24.

The metal, used in the power and construction industries, is down 15% from a high in January due to a weaker than expected economic recovery in China and slowdowns elsewhere.

Helping copper on Tuesday was the first weakening of the US dollar since May 19, which made dollar-priced metals cheaper for buyers with other currencies. 

But the outlook for demand remains bleak.

Edited by Reuters


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