Abstract On Friday (January 2), international copper prices fell to a four-and-a-half-year low, which was affected by the strength of the US dollar and the slowdown in China's economic growth. The London Metal Exchange (LME) three-month copper closed at $6,255 per tonne, before hitting the lowest of June 2010...
On Friday (January 2), international copper prices fell to a four-and-a-half-year low, which was affected by the strength of the US dollar and the slowdown in China's economic growth.
The London Metal Exchange's (LME) three-month copper closed at $6,255 a tonne, before hitting a low of $6,218 in June 2010.
China's manufacturing activity weakened in December, highlighting the challenges faced by manufacturers, who are fighting against rising costs and weakening demand in a cooling economy.
The National Bureau of Statistics and the Federation of Logistics and Purchasing (CFLP) jointly announced on Thursday that the official manufacturing purchasing managers' index (PMI) fell to 50.1 in December 2014, an 18-month low. Last month was 50.3. The median survey previously showed that China’s official manufacturing PMI for December was 50.1.
The rise in the dollar also put pressure on the copper market. The dollar rose to a four-and-a-half-year high against the euro, after the ECB [microblogging] president Draghi's remarks ignited the market's expectation that the central bank will actively relax monetary policy later this month, dragging down the euro.
However, some analysts believe that after the plunge in 2014, copper may have bottomed out and global demand may support future copper prices.
Thomas Lam, principal analyst at DMG & Partners Securities, said, "I still expect that the global real economy will grow by about 3.5% in 2015, China's economic growth will be slightly higher than 7%, and the US economic growth rate should improve."
Copper prices fell 14% in 2014, the largest annual decline in three years, fearing that oversupply will drag down the market next year, and the value of China's economic growth is declining.
Triland pointed out that copper prices weakened slightly at the end of last year, copper prices fell last year, and some investors lost confidence in the copper market, but copper prices are also quite high compared to other metals. The decline in the grade of ore in Chile has led to a decline in production in the country, but on the other hand, the slowdown in China’s economic growth has caused concern in the market.
The Chilean Bureau of Statistics announced that copper production in November fell for the fifth consecutive month, down 7.3% from the same period last year to 477,432 tons.
Aluminum futures closed down 1.1% at $1,832 a tonne. Zinc futures closed up 1.2% at $2,205. Nickel fell 2.1% to $14,830. Lead was up 0.6% to $1,870. The final purchase of the tin was reported at $19,640, up 1.2%.
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