Copper Remains Under Pressure
Copper futures slipped toward $6.5 per pound on Thursday, reaching two-week lows as investors assessed mixed economic data from top consumer China this week, while a weeklong holiday in the country is expected to weigh on trading activity. Data released Monday showed industrial profits in China rose 15.7% in the first eight months from a ...
Copper prices experienced a decline on Thursday, trading at $6.50 per pound, marking a two-week low. This drop was attributed to investors closely examining mixed economic indicators from China, the world's primary metals consumer. The week's holiday in China is anticipated to further dampen trading activities. On Monday, data revealed that industrial profits in China had increased by 15.7% over the first eight months of the year, a slowdown from the 17.6% growth recorded during the January-July period.
However, on Wednesday, a report indicated that China's manufacturing sector had resumed growth in September, potentially boosting demand for metals globally. Supply uncertainties continue to weigh on copper prices, with potential disruptions in Chilean production due to a strike at an Antofagasta Plc-operated site. Additionally, Panama's government has suggested the resumption of operations at a significant local mine.
The United States' administration has yet to decide on imposing tariffs on refined copper, leaving the market in a state of uncertainty.
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