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Copper fell on Monday and touched nearly a month low, due to slowing demand and the dollar firm
Views:  Date:2014-12-30 08:52:33

NEW YORK, Dec 29 (Reuters) - Copper fell on Monday and hit a nearly one-month low, as analysts pointed to a slowdown in Chinese demand and a stronger US dollar.


    China's National Economic Information Center on the macroeconomic situation Monday released a report that China's economy will show steady and slow down in 2015, GDP (GDP) is expected to grow around 7%, the policy recommendations continue to implement a proactive fiscal policy, appropriate Expand the fiscal deficit.


    China's economy is cooling, the third quarter growth rate for the lowest since the financial crisis, which has depressed China's copper import demand this year. This month's series of data is weak, suggesting that China's growth this year may be lower than the official target of 7.5%.


    0715 GMT, the London Metal Exchange (LME) three-month copper fell 0.42 percent to 6,275.75 US dollars per ton, after touching the December 2 low of 6,232 dollars.


    Copper prices fell 15% this year, fear, fell for the second consecutive year.


    Shanghai Futures Exchange, the main March copper fell 1.01%, to close at 45,030 yuan per ton.


    "Copper prices are facing weaker demand and a stronger US dollar, and in the absence of positive news, we believe the copper in the LME is likely to fall further, testing the $ 6,260 hit in March," the lead futures said in a report.


    China's bonded warehouse copper premium in recent weeks has been declining, hovering between 80-160 yuan, reflecting China's demand is not busy.


    Looking ahead, analysts say the market will focus on a range of US data, including Tuesday's house price data and weekly jobless claims, as well as China's HSBC Purchasing Managers' Index (PMI) on Wednesday. 

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