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China’s Manufacturing Disappoints, Copper Prices Sink

May 1, 2014 at 10:23 by Vladimir Vyun

Prices for copper sank today after a report showed that China’s manufacturing grew last month slower than was expected. The manufacturing Purchasing Managers’ Index rose from 50.3 in March to 50.4 in April. The reading above 50.0 indicates growth but it was still below the expected figure of 50.5. China is the biggest user of the industrial metal in the world.

Prices for metals were also under pressure after yesterday’s monetary policy announcement from the Federal Reserve. The Fed trimmed its monthly asset purchases by $10 billion. Such decision had been expected but it was still ill-received by the markets.

July future for delivery of copper slumped as much as $0.045 (1.46 percent) to $3.028 per pound as of 10:19 GMT on COMEX.

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

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