Commodity Market Updates -- Copper Lower

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Jhon Kumar
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Commodity Market Updates -- Copper Lower

Post by Jhon Kumar » Tue Aug 05, 2014 10:01 pm

Copper prices slipped on Tuesday, under pressure from data showing growth in China's services sector slowed to its lowest level in nearly nine years, raising concerns about the demand outlook from the world's top metals consumer. Three-month copper on the London Metal Exchange (LME) ended at $7,055 a ton, down 1.05 percent. The metal, used in power cables and construction, is down more than 4 percent in the year to date, weighed down by expectations of rising supplies this year and lacklustre demand.

Some analysts see the dips as an opportunity to buy, given a brightening outlook for the US economy and some encouraging signs in China. China will increase investment in areas including the property sector, a major copper consumer, while authorities will advance wide-ranging economic reforms such as changing the fiscal and pricing systems, the country's economic planning agency said.

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