- Write by:
-
Monday, August 21, 2023 - 18:15:16
-
192 Visit
-
Print
Mining News Pro - Copper headed for a third straight weekly loss — tracking a broad slide in global risk assets — as concerns about China’s economy and widening housing crisis put markets in bearish mood.
The metal steadied on the London Metals Exchange on Friday. Pessimism over China’s growth prospects is building after the country’s state-owned property developers warned of widespread losses, fueling concerns turmoil is spreading from the private sector.
The Chinese real estate sector is a globally significant source of metals consumption and a crucial driver of the country’s economy. A gauge of major LME contracts is near its lowest since May as the gloom over the demand outlook intensifies.
While the country’s economic rebound following a year of lockdowns to curb coronavirus has already disappointed metals bulls, worse may be yet to come. Property woes have led to a cash crunch for shadow banking giant Zhongzhi Enterprise Group Co., further undermining risk appetite.
Chinese authorities are stepping up efforts to bolster financial markets and the yuan. The People’s Bank of China delivered a surprise interest rate cut this week, the biggest reduction since 2020, and its most forceful yuan fixing guidance ever on Friday.
The recent slide in the Chinese currency has eroded the buying power of local commodities importers, and blunted the impact of lower metals prices. Recent actions by the authorities have helped it consolidate.
Copper futures nudged down to trade at $8,225.50 a ton on the LME by 3:40 p.m. local time. Zinc fell 0.5% and aluminum slipped. All metals except for lead were heading for weekly losses.
Short Link:
https://www.miningnews.ir/En/News/627266
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
No comments have been posted yet ...