Copper is cheaper on the London stock exchange. Investors are waiting for signals regarding the demand for metals in China, where the two-day New Year break has ended.
Copper in the LME in 3-month supply was priced after the opening of the session at $ 7166.00 per tonne after increasing by $ 4, but now the metal is losing value.
Investors from China returned to the market on February 22. They celebrated the start of a new lunar year - the Year of the Dog - for a week.
Some analysts predict that therefore the demand for industrial metals in China, including copper, will increase in the near future as manufacturing plants resume their operations. Others, however, believe that the reflection of demand for metals may be slow as factories are gradually getting back to work.
“It seems like investors living in China are seeing more + bears + market conditions than they have seen elsewhere in the world,” says Richard Fu, head of Asia Pacific at Amalgamated Metals Trading Ltd. in London.
“Although the Chinese have opened offices after the New Year, factories will not return to normal production for the next 10 days, so it will take some time for demand for metals to recover,” he adds.
On Thursday (February 22nd) copper in the LME increased by $ 43 to $ 7,162 per tonne. The metal on the London Stock Exchange so far stood at 1.2 percent this week, and rose 7.1 percent last week.
Copper prices fall after investors return from China
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Azovpromstal® 23 February 2018 г. 13:19 |
