Copper fell below US$8,000 a ton for the first time in six months as a robust economic recovery in China this year looked less likely. Read on.
Unlike in previous slowdowns, Beijing is depriving metals of a safety net by not deploying any big-ticket spending on infrastructure or property.
And while Asia’s largest economy is the main source of copper’s troubles, there isn’t much help coming from the United States. The U.S. Federal Reserve’s aggressive monetary tightening campaign has undermined demand, and recent comments from officials suggest the central bank may keep raising rates. For now, a key spread is also signalling supply is running well ahead of demand. Copper’s spot price was at a US$66-a-ton discount to three-month futures on the LME on May 23. That’s the widest contango — when futures trade at a premium to the spot price — in data going back to 1994.
The risk of more copper supply is adding to the downward price pressure, said Jiang Hang, head of trading at Yonggang Resources Co. “Prices are going to head even lower.”
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