Industrial Metals Price Watch: Copper Price Falls Further on Weak Chinese Data

on Jun 10, 2013

The copper price declined for a third straight day on Monday, June 10 after a fresh batch of Chinese data cast a shadow over outlook for demand from the world’s biggest consumer of the metal. Copper for delivery in three months fell as much as 1.1 percent to $7,151.25 a metric ton on the London Metal Exchange on Monday, the lowest price level since May 16. On the Comex in New York, futures for delivery in July also fell by 1.1 percent to $3.2325 per pound.

**Chinese data**
Over the weekend, China released industrial production and trade data which pointed to a slowdown in the country’s economy. China’s industrial output rose less-than-expected 9.2 percent year on year last month, factory-gate prices fell for a 15th month, export gains were at a 10-month low, while imports declined.
“China’s data over the weekend stoked concern over demand in China, depressing the metals markets,” said Hwang Il Doo, a senior trader at Korea Exchange Bank Futures Co. in Seoul, as quoted by Bloomberg. He added that better-than-expected US jobs data had fuelled debate over whether the Fed would scale back its bond-buying programme as the US economy improves.

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!m[The copper price declined for a third straight day on Monday, June 10.](/uploads/story/2934/thumbs/pic_1_inline.jpg)
**US Jobs**
US employers added some 175,000 workers last month, higher than what analysts on average had expected. The median estimate in a Bloomberg survey had forecast 163,000 new jobs.
The prospect of the US government trimming stimulus weighs additionally on the copper price, with investors concerned about the demand from the world’s second biggest consumer of the metal.
The prices of aluminium, lead, zinc, tin and nickel also declined today on the London Metal Exchange.


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