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| Commodity News |
| HeadLine : |
Copper hits 8-month high as traders await flurry of Chinese data |
| Date : |
Jan 14 2020 |
China is the largest consumer of metals, but its economy slowed in 2019, partly owing to the trade dispute with Washington, pushing down industrial metals prices. Factory output in China began to contract last year but returned to expansion in November and December. A Reuters poll showed that December export and import growth is expected to have improved. Data including trade, GDP and new loans are also due this week. Benchmark copper on the London Metal Exchange (LME) was up 1.1% at $6,266 a tonne. Chinese Vice Premier Liu will visit Washington on Jan. 13-15 to sign a trade agreement. The Phase 1 deal “stops the bleeding” but does not end the trade war, a senior U.S. Chamber of Commerce official said on Monday, warning that significant challenges remain. World stock markets ticked higher and were near record highs. hina’s currency strengthened sharply against the dollar, taking its gains since the start of December to about 2% and making dollar-priced metals cheaper for buyers in China. Headline copper inventories in LME-registered warehouses fell by 2,725 tonnes to 130,000 tonnes, down 60% from August and the lowest since March.
Source : CNBC
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