For two straight days, copper plunged on woes the yuan’s weakness and lags in loans to the real estate market will damp demand for the metal in China, the world’s largest user.
The contract for delivery in three months on the London Metal Exchange bounced 0.7% to $7,053.50 per metric ton and was settled at $7,062 by 4:05 p.m. in Tokyo. Futures dropped 4.1% this year.
China’s Industrial Bank Co. said yesterday it will hold loans for property projects until the end of March. The Copper Development Association noted construction yields around 40% of demand for the metal worldwide. The yuan slipped 0.3% versus the dollar, slate for its largest dive since 2012.
The metal to be delivered in May on the Shanghai Futures Exchange sank 0.8% to finish at 49,520 yuan (or $8,099) per ton. The contract for May delivery on the Comex in New York tumbled 0.6% to $3.2205 per pound.
Also in LME, nickel, aluminum, and zinc devalued, while lead and tin were slightly changed.
The material has been provided by InstaForex Company – www.instaforex.com
For two straight days, copper plunged on woes the yuan’s weakness and lags in loans to the real estate market will damp demand for the metal in China, the world’s largest user.
The contract for delivery in three months on the London Metal Exchange bounced 0.7% to $7,053.50 per metric ton and was settled at $7,062 by 4:05 p.m. in Tokyo. Futures dropped 4.1% this year.
China’s Industrial Bank Co. said yesterday it will hold loans for property projects until the end of March. The Copper Development Association noted construction yields around 40% of demand for the metal worldwide. The yuan slipped 0.3% versus the dollar, slate for its largest dive since 2012.
The metal to be delivered in May on the Shanghai Futures Exchange sank 0.8% to finish at 49,520 yuan (or $8,099) per ton. The contract for May delivery on the Comex in New York tumbled 0.6% to $3.2205 per pound.
Also in LME, nickel, aluminum, and zinc devalued, while lead and tin were slightly changed.
The material has been provided by InstaForex Company – www.instaforex.com
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