Shanghai copper drops

July 27, 2013

The most-traded November copper contract on the Shanghai Futures Exchange closed 0.7 percent lower at 50,040 yuan ($8,200) a tonne on Friday amid concerns over a dim outlook for demand in top consumer China where the economy is slowing. But copper is still headed for its third weekly increase in four, after hitting a one-month high of $7,119 on Wednesday as upbeat US and European data helped counter more signs of weakness in the Chinese economy, where a preliminary reading this week showed manufacturing activity hitting an 11-month low.

“Slowing growth in China is still likely to put greater pressure on copper prices than the temporary support from good economic data in the west,” said Joyce Liu, investment analyst at Phillip Futures. China consumes about 40 percent of the world’s refined copper. Courtesy:Reuters

Published in ZaraiMedia.com