Copper prices are poised for a 10th session of losses of New York

0
2

Copper prices are poised for a 10th session of losses of New York, extending the longest slump in 18 years, on signs of weakening demand after manufacturing slowed in China and the U.S., the world’s top metals consumers.

Factories in the U.S. expanded in January at the weakest pace in eight months, and a measure of orders declined by the most since December 1980, data from the Institute for Supply Management showed yesterday. In China, a purchasing managers’ index fell to a six-month low last month as output and orders slowed.

Copper has slumped 16 percent in the past 12 months, partly as economic growth eased in China. Production of refined copper will exceed demand by 385,000 metric tons this year, after a 45,000 ton surplus in 2013, and prices will “grind lower,” Goldman Sachs Group Inc. said in a report Jan. 31.

“The market has been hurt by China for a couple of weeks now,” Bill O’Neill, a partner at Logic Advisors inUpper Saddle River, New Jersey, said in a telephone interview. “And then you have the anemic U.S. number, and there’s also a big production surplus. From the standpoint of the supply-demand equation, it’s still leaning to the bearish side.”

Copper futures for March delivery fell 0.4 percent to settle at $3.1835 a pound on Comex in New York yesterday, capping nine days of declines and the longest slump since December 1995. Prices slid 0.2 percent to $3.1785 at 6:26 p.m. in New York.

China Stockpiles

About $1.9 trillion was erased from the value of global equities last month as China’s economy slowed and the Federal Reserve further cut stimulus on Jan. 29. Copper stockpiles monitored by the Shanghai Futures Exchange jumped 18 percent last month, the first increase since October. The London Metal Exchange Index of the six main metals traded on the bourse fell 3.7 percent last month, the worst start to a year since 2010.

On the LME, copper for three months delivery yesterday settled 0.4 percent lower at $7,038 a metric ton ($3.19 a pound).

Motor vehicle sales in the U.S. slowed to an annualized rate of 15.16 million, the weakest in three months, according to data from Ward’s Automotive Group.

Also in London, aluminum for delivery in three months yesterday touched $1,671.25 a ton, the lowest since July 2009. Zinc, lead and nickel slid, while tin gained.

  • next page

    I would really love to have a blog page but.. I’m unclear which type of blogs obtain the most traffic? Types of blog sites can you search? I typically browse graphic sites and vogue personal blogs. Just enjoying a survey the following thanks a lot! .

  • directory

    To paraphrase, how can you look up information sites that suit what I wish to learn about? Does all people have learned how to Read through blogs and forums by theme or what ever on blogger? .

  • Read More Here

    I’m looking to find blogs and forums which have really good great tips on what’s in vogue and what is the top cosmetics is..

  • I¡¦ve read several excellent stuff here. Certainly value bookmarking for revisiting. I surprise how much effort you place to create one of these magnificent informative web site.

  • Wireless Mouse

    I precisely needed to appreciate you once again. I’m not certain what I would have handled without those ways discussed by you regarding my industry. This has been the depressing case in my view, however , being able to view the very professional tactic you dealt with that took me to weep for delight. Now i am thankful for the assistance and then expect you realize what a powerful job you happen to be undertaking teaching other individuals thru your web site. Probably you have never encountered any of us.

  • Laminate Flooring

    Usually I do not read post on blogs, but I wish to say that this write-up very compelled me to try and do so! Your writing taste has been surprised me. Thank you, very great post.

  • Hello, you used to write great, but the last several posts have been kinda boring¡K I miss your super writings. Past few posts are just a little out of track! come on!

  • You actually make it seem so easy along with your presentation but I find this matter to be really something that I think I might never understand. It sort of feels too complicated and very huge for me. I am having a look forward for your next publish, I will attempt to get the cling of it!

  • Definitely, what a fantastic website and educative posts, I definitely will bookmark your website.All the Best!