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LME Copper Down 2%, USD and Demand Jitters Weigh

LME Copper Down 2%, USD and Demand Jitters Weigh

LME base metals are lower on a marginally stronger US dollar, although trading well within recent ranges, notes Standard Bank analyst Walter de Wet. Additionally, “news from China about closure of production capacity in especially the manufacturing sector [is] weighing down on prices,” he says. The Chinese government has ordered heavy industry to eliminate overcapacity, heightening concern about an economic slowdown and weak manufacturing activity. This rebalancing may affect base metals demand, analysts say. In the nearer-term, the market focus rests on US Q2 GDP, the FOMC meeting on Wednesday and US nonfarm payrolls next week. LME 3-month copper -2.0% at $6,875.75/ton.

For full article: http://www.metalprices.com/news/article/DN/20130726008055/dj-market-talk-lme-copper-down-2–usd-and-demand-jitters-weigh



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