Copper price slides as China factory activity slows. china mining
China’s factory activity contracted for the second straight month in August as covid-19 infections, the worst heatwave in decades, and an embattled property sector weighed on production, suggesting the economy is struggling to sustain momentum.
“We don’t see a big push in terms of China fostering metals demand. We expect the government in China to work towards stabilization, we don’t expect a big stimulus,” said Julius Baer analyst Carsten Menke. “For property, it’s about avoiding a crash. On the infrastructure side, there is a realization that it will be hard to move the needle because the base is already so big.”
Also weighing on industrial metals is the dollar, trading near two-decade highs against other major currencies after hawkish Federal Reserve comments bolstered expectations of further aggressive hikes in U.S. interest rates. Meanwhile, copper output in Chile, the world’s largest producer of the metal, fell 8.6% year on year to 430,028 tonnes in July.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Update: ONEUS Unveils Contrasting Sets Of Individual “MALUS” Comeback TeasersUpdated August 30 KST: ONEUS has shared two new sets of individual concept photos for their upcoming “MALUS” comeback! Updated August 29 KST: ONEUS has unveiled a group concept photo for their upcoming comeback with “MALUS”! Updated August 28 KST: ONEUS has released individual concept photos for their upcoming comeback with “MALUS”! Updated August 27
Read more »
It's Only up for Bitcoin (BTC) as It Reached Fundamental Support: Crypto Market Review, August 29$BTC nosedive below $20,000 gets us back to the beginning of this summer, but the sentiment on the market is far from June's
Read more »
Bitcoin mining stock report: Monday, August 29Here's how crypto mining companies performed on Monday, August 29.
Read more »
MLB Props Picks - Our Best Bets for August 29Shohei Ohtani may not win AL MVP for a second straight year, but he's still been money at the plate and on the hill. Tonight, we're focusing on his bat as he squares up against Yankees starter Frankie Montas. Take the plus money on his total bases prop.
Read more »
White House braces for slow August job growth after labor surgeAfter touting for months the strong employment numbers as a way to deflect criticism of soaring inflation, the White House on Tuesday warned that the numbers released later this week by the Labor Department will likely a jobs markets that is “cooling off.”
Read more »