- Write by:
-
Friday, September 1, 2023 - 22:24:33
-
168 Visit
-
Print
Mining News Pro - The copper price rose on Friday after Beijing delivered a boost for China’s property sector, while a private survey pointed to a pick-up in the country’s manufacturing sector.
On Thursday, China allowed its largest cities to cut down payments for homebuyers and encouraged lenders to lower rates on existing mortgages, the latest move to ease pressure on the property market.
The Caixin manufacturing purchasing managers index rose to 51 last month, the highest reading since February, and showing a return to expansion after a contraction in July.
Copper for delivery in September was up 2% on the Comex market in New York, touching $3.90 per pound ($8,580 per tonne).
Click here for an interactive chart of copper prices.
“Copper will keep fluctuating at a high level as expectations for government stimulus dominate trading,” Citic Futures said in a note. “Low copper inventories risk a supply squeeze as Chinese demand is set to rise in the coming peak season.”
On Friday, China also announced moves to support its currency, which slid toward its weakest level since 2007 in August.
Short Link:
https://www.miningnews.ir/En/News/627314
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Peru’s copper production came in essentially flat for March at about 219,000 metric tons, government data showed on ...
No comments have been posted yet ...