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Negative China’s Housing Data Pushes Copper Lower

March 18, 2015 at 12:53 by Vladimir Vyun

Copper extended its move down following yesterday’s losses due to concerns about economic slowdown in China. Today’s negative house price data from the Asian nation added to the downside momentum of the metal used in construction and industry.

The National Bureau of Statistics of China reported today:

Comparing with the previous month, among 70 medium and large-sized cities, the sales prices of newly constructed commercial residential buildings declined in 66 cities, that of 2 cities increased, and that of 2 cities remained at the same level.

The annual data was not good either:

Comparing with the same month of last year, the sales prices of newly constructed commercial residential buildings decreased in 69 cities, and that of 1 city remained at the same level.

All in all, it looks like China has trouble keeping up its amazing economic performance. This is bad news for copper as the nation is the biggest user of the commodity in the world.

May futures for delivery of copper dipped 2.2 percent to $2.5750 per pound as of 12:51 GMT on COMEX today.

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