Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views
Now:
Last Hour:
Last 24 Hours:
Total:

Copper falls on weak data from China, Europe

% of readers think this story is Fact. Add your two cents.

From David Hodari: Copper fell alongside stocks and other risk assets Friday as weak economic data in China and Europe added to downbeat sentiment about global growth.

Copper for March delivery fell 1.2% to $2.7330 a pound on the Comex division of the New York Mercantile Exchange. Prices are down about 17% from their June four-year highs on fears that slower global economic growth will crimp demand for materials used heavily in construction and manufacturing.

Data released Friday showed a larger-than-expected deepening in China’s economic downturn last month. Slipping retail sales and industrial-production figures piled further pressure on Beijing to halt a slowdown in 2019 while dealing with its continuing trade conflict with the U.S.

“Without the front-loading of exports, this was seen as a better illustration of the poor state of the Chinese economy,” said Alastair Munro, a broker at Marex Spectron, in a note.

China accounts for about half of global metals demand, and concerns about trade tensions and a weakening economy have pummeled materials of late.

Adding to the downbeat tone Friday, purchasing managers’ surveys separately showed that French business activity unexpectedly contracted for the first time in 2 1/2 years, according to IHS Markit, while German’s composite purchasing managers index reached its lowest level in four years.

The tepid figures pushed investors toward the dollar, also making commodities more expensive for overseas buyers. The WSJ Dollar Index, which tracks the dollar against a basket of 16 other currencies, rose 0.5%.

Elsewhere in base metals, aluminum for delivery in three months fell 0.6% to $1,920 a metric ton. Zinc dropped 1.4% to $2,529.50, tin edged down 0.2% to $19,365, nickel fell 0.3% to $10,815 and lead was down 0.7% at $1,935.50.

Among precious metals, Comex gold for February delivery dropped 0.8% to $1,237.50 a troy ounce, hurt by the dollar’s strength. Most-active silver futures fell 1.8% to $14.585, platinum shed 1.8% to $783.30 and palladium slumped 2.7% to $1,158.90.


The Global X Copper Miners ETF (COPX) was trading at $19.17 per share on Friday afternoon, down $0.30 (-1.54%). Year-to-date, COPX has declined -29.91%, versus a -2.08% rise in the benchmark S&P 500 index during the same period.

COPX currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #59 of 108 ETFs in the Commodity ETFs category.


This article is brought to you courtesy of MarketWatch.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

The post Copper falls on weak data from China, Europe appeared first on ETF Daily News.



Source: https://etfdailynews.com/2018/12/14/copper-falls-on-weak-data-from-china-europe/
Report abuse
Prodovite
Prodovite
Prodovite
Prodovite
Prodovite
Prodovite
Prodovite
Prodovite
Prodovite

    Comments

    Your Comments
    Question Razz Sad Evil Exclaim Smile Redface Biggrin Surprised Eek Confused Cool LOL Mad Twisted Rolleyes Wink Idea Arrow Neutral Cry Mr. Green

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.