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China’s Economic Data Makes Copper Prices Weaker

May 13, 2014 at 19:45 by Vladimir Vyun

Copper futures declined today in New York due to poor economic data from China, the biggest consumer of the metal. Growth of industrial production slowed to 8.7 percent in April from a year ago, while analysts predicted it to accelerate to 8.9 percent. Growth of retail sale was down to 11.9 percent (year-on-year), while it was expected to stay at the previous month’s level of 12.2 percent.

There are hopes that the European Central Bank will stimulate the struggling economy of the eurozone. Some experts view such an event as a bullish one because it will mean higher demand for raw materials in Europe. The ECB will conduct its policy meeting on June 5.

July futures for delivery of copper slid $0.0200 (0.64 percent) to $3.1295 per pound as of 19:41 GMT on COMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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