MOSCOW, August 21 – RIA Novosti / Prime. The price of copper continued to decline in the course of trading Friday amid a record low business statistics in industrial production in China, which has increased investors’ concerns about prospects for demand for the industry the metal in the country, according to the auction.
As of 17:20 MSK futures for December delivery copper on the Comex became cheaper by 0.89% – up to 2.3 dollars per pound (about 0.45 kilograms).
At the end of Thursday’s trading price of a ton of copper on the London Metal Exchange for delivery in three months rose by 2.48% – up to 5119 dollars per ton. A ton of aluminum has risen by 1.19% – up to 1575 dollars, zinc – by 1.74% to 1816 dollars per ton.
Business publication Caixin reported on Friday that a preliminary indicator of business activity index PMI in the industrial China’s economy in August dropped to its lowest level in 6.5 years to 47.1 points. Preliminary results were much below the expectations of analysts who had forecast PMI at 47.7 points.
The value of PMI above 50 indicates growth in economic activity, lower – on its recession. “It is clear that the manufacturing sector continues to face significant challenges, particularly due to weak external demand,” – leads the publication The Wall Street Journal a statement of the analytical notes economist at Capital Economics Julian Evans-Pritchard (Julian Evans-Pritchard).
Some support prices for the metal have news from Europe – the second largest consumer of copper in the region in the world. Earlier, also on Friday, the research organization Markit Economics reported that the index of business activity in industry in the euro zone remained unchanged compared to July and amounted to a value of 52.4 points at the forecast of a decline to 52.2 points.
No comments:
Post a Comment