Copper Holds Losses as Traders Eye Soft Demand in China

The metal has shed 14% since rocketing to a record above $11,000 a ton in May. Soft market conditions in top consumer China have handed copper’s more bullish investors a reality check , and prices have continued to decline even amid tentative signs of a demand recovery.“The sharp rise of the copper price in May undermined downstream demand, leading to higher inventory,” HSBC Holdings Plc analysts including Howard Lau wrote in a note.

Industrial metals had staged a broad rally through mid-May on hopes for a pick-up in global consumption and long-term bets on supply tightness. Still, China’s patchy economic recovery and weaker currency, as well as ebbing prospects for US interest rate cuts this year, blunted gains. The HSBC analysts said they were optimistic about copper demand in the second half given potential spending on China’s power grid, as well as a strong outlook for renewables, electric vehicles and manufacturing. Inventories in China have already started to fall from unseasonally high levels.Sharp Japan GDP downgrade possible, affecting monetary policy, analysts say

HSBC Holdings Plc Market Conditions China Reality Check

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Copper Traders Get Reprieve as Historic New York Squeeze EasesA historic squeeze in New York copper futures is drawing to a close, with the loosening of a key price spread taking the pressure off traders who faced spiraling losses on short positions earlier this month.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Traders Are Desperate for Copper Deals and Miners Are Cashing InA heated competition for copper among some of the biggest commodity traders is creating opportunities for miners to negotiate favorable terms ranging from huge upfront payments to extra-long contracts.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Copper Rebounds as Traders Wait for Manufacturers to ReturnCopper edged higher in London, bolstered by rising expectations that heavy losses over the past three weeks could tempt some buyers to make an opportunistic return to the market.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Copper Deepens Slump From Record as Traders Eye Demand in ChinaCopper fell to the lowest level in more than two months — extending a slide from an all-time high — with prices facing sustained pressure from unusually weak Chinese demand.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Gold holds steady as traders focus on tomorrow’s PCE price index reportThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Oil price news: Oil holds above US$85 as traders await fresh U.S. stockpile dataOil steadied ahead of the release of weekly inventory data from the U.S. that may show another rise in nationwide crude inventories.
Source: BNNBloomberg - 🏆 83. / 50 Read more »