Copper falls for third consecutive day behind slowing demand
December 9, 2014 9:16 am
Copper fell for the third straight day to its lowest value in nearly a week behind indications that demand from China, the largest user of the metal in the world, and Germany, the third biggest, is slowing down.
The commodity metal with a delivery date in three months declined by as much 0.4% and was trading 0.2% down late morning Shanghai time at a price per metric ton of $6,393 on the London Metal Exchange. Futures on the New York Market for March delivery also retreated by 0.2% to a price per pound of $2.8785, while contracts for February in Shanghai dropped by 0.5% to 45,670 yuan, or $7,385 per ton.
Data from China’s customs administration shows that the country’s imports decreased by 6.7% in November compared to the previous year. Exports advanced by 4.7% to fall below the 8% forecast by analysts surveyed by Bloomberg News. In Germany, production of its industrial sector grew by only 0.2%, falling below the 0.4% projected in a separate poll.
The material has been provided by InstaForex Company – www.instaforex.com
Copper fell for the third straight day to its lowest value in nearly a week behind indications that demand from China, the largest user of the metal in the world, and Germany, the third biggest, is slowing down.
The commodity metal with a delivery date in three months declined by as much 0.4% and was trading 0.2% down late morning Shanghai time at a price per metric ton of $6,393 on the London Metal Exchange. Futures on the New York Market for March delivery also retreated by 0.2% to a price per pound of $2.8785, while contracts for February in Shanghai dropped by 0.5% to 45,670 yuan, or $7,385 per ton.
Data from China’s customs administration shows that the country’s imports decreased by 6.7% in November compared to the previous year. Exports advanced by 4.7% to fall below the 8% forecast by analysts surveyed by Bloomberg News. In Germany, production of its industrial sector grew by only 0.2%, falling below the 0.4% projected in a separate poll.
The material has been provided by InstaForex Company – www.instaforex.com
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