Copper fell below US$8,000 a ton for the first time in six months as prospects for a quick rebound in China’s economy recede.
The metal has tumbled about 7 per cent this month in the face of disappointing economic data from the world’s top consumer. All the gains following the end of China’s COVID-19 lockdowns have been wiped out. Poor domestic demand has forced smelters in the Asian nation ramp up exports that have helped replenish inventories elsewhere.
“Metals markets have faced significant pressures after the disappointing April macro data from China, which have acted as a wake-up call to the weak reality on the ground,” Citigroup Inc. said a note. For now, a key spread is signaling supply is running well ahead of demand. The metal’s spot price was at a $66 a ton discount to three-month futures on the LME on Tuesday. That’s the widest contango — when futures trade at a premium to the spot price — in data going back to 1994.
The supply strength is already showing in a rebound in LME inventories from the multi-year lows of the first quarter.
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.
Canadians face three times more health-care debt than Australians, survey showsCanadians face an average of more than $US6,000 in medical debt, largely driven by dental bills and prescription medication, a new poll has found.
Read more »
JPMorgan Chase sees $3-billion net interest income boost from First Republic dealJPMorgan Chase & Co expects its net interest income to rise to $84-billion from higher interest payments in 2023
Read more »
After turning heads in first two weeks of Giro, Canada's Gee looks to finish strongDerek Gee, a 25-year-old from Ottawa and the lone Canadian rider in the Giro d'Italia, has been a revelation in his first Grand Tour with three second-place finishes and a fourth in the first two weeks for the Israel-Premier Tech team.
Read more »
B.C. company denies misleading First Nation about rail terminal expansion plans - Terrace StandardBonaparte First Nation alleges it was misled about the full scope of the Ashcroft Terminal’s expansion plan
Read more »
After ‘disgraceful’ remarks, First Nations leaders call on Quebec MNA to resign | Globalnews.caPierre Dufour, a Coalition Avenir Quebec MNA, has come under fire for his comments during a city council meeting in Val-d'Or last week.
Read more »