Shanghai copper slips

September 13, 2013

Copper declines
Copper declines

The most-traded December copper contract on the Shanghai Futures Exchange slipped 1.21 percent to close at 51,410 yuan ($8,400) a tonne on Thrusday on investor caution ahead of the US Federal Reserve’s stimulus decision next week, although Chinese demand put a floor under prices. Copper prices have recovered nearly 8 percent from three-year lows plumbed in late June, but have failed to gain traction above $7,420 a tonne, the top-end of their recent band hit in mid-August.

“Even though (Chinese) copper demand is better than last year, we don’t expect very strong demand … because even though some big sized semi producers or end users are reporting improving sales volume, a lot of smaller ones are experiencing falling demand,” said analyst Chunlan Li of CRU in Beijing. Courtesy Reuters

Published in

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More