SINGAPORE: Copper slide for a second session on Wednesday as the market kicked off 2019 trading amid concerns over growth in top metals consumer China as the latest data showed slowing factory activity.
Asian shares turned tail on the first trading day of the new year as more disappointing economic data from China darkened the mood and upended U.S. stock futures.
COPPER: Three-month copper on the London Metal Exchange was down 0.3 percent at $5,947 a tonne by 0717 GMT, and the most-traded contract on the Shanghai Futures Exchange closed down 1 percent at 47,680 yuan ($6,953.58) a tonne.
FACTORY ACTIVITY: China's factory activity contracted for the first time in 19 months in December as domestic and export orders continued to weaken, a private survey showed, pointing to a rocky start for the world's second-largest economy in 2019.
SURVEY READINGS: The gloomy readings largely dovetailed with an official survey on Monday, which showed growing strains on China's manufacturing sector - a key source of jobs. The findings reinforce views the economy is losing more steam.
China is the world's biggest consumer of industrial metals.
COPPER PRODUCTION: Chile's copper production touched 540,720 tonnes in November, its highest level in 13 years, as ore grades and efficient processing favoured increased output in the world's top producer of the red metal, the government said on Monday.
RUSAL: The London Metal Exchange confirmed on Monday it would lift its suspension on aluminium produced by Russia's
Rusal if U.S. sanctions are lifted, saying a consultation with users had not raised any objections to the plan.
Comments
Comments are closed for this article.