- Write by:
-
Monday, May 15, 2023 - 23:28:18
-
166 Visit
-
Print
Mining News Pro - The London Metals Exchange Index — a gauge for the six main metals traded on the bourse has tumbled more than 30% since its record high in 2022.
The index this month collapsed below its 200-day moving average, a technical measure closely watched by traders and analysts.
The move reflects the uncertainty about China’s economic recovery as concerns mount over the demand picture for base metals.
China’s imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand.
Copper futures, which were poised to benefit from China’s reopening from stringent covid restrictions, have fallen about 8% this quarter.
Meanwhile, Chinese imports of the red metal dropped to their lowest since October last month.
Zinc prices are also on the slide, with LME three-month metal hitting a two-and-a-half-year low of $2,517.50 per tonne on Friday.
“Zinc’s slump is part of a broader price retreat across the base metals complex as China’s post-lockdown bounce-back continues to disappoint,” wrote Reuters columnist Andy Home.
The iron ore price hit a six-month low at the beginning of the month, as Chinese mills announced plans to increase equipment maintenance amid shrinking margins.
China Baowu Steel Group unit said the domestic and global environment for steelmakers remains “severe” and Chinese demand will continue to slow this year.
Short Link:
https://www.miningnews.ir/En/News/622927
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
Brazil’s Corumba region could more than double iron ore shipments through neighboring Uruguay this year if there is ...
BHP Group Ltd.’s proposal for a $39 billion takeover of rival Anglo American Plc is all about securing plenty of copper ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Marex Group Plc and a group of the London-based firm’s shareholders raised about $292 million in a US initial public ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Iron ore futures were poised for a third straight weekly rise as prices largely consolidated gains on Friday, with ...
No comments have been posted yet ...