{"id":1090720,"date":"2018-12-18T21:10:35","date_gmt":"2018-12-18T21:10:35","guid":{"rendered":"http:\/\/www.mining.com\/?p=959778"},"modified":"2018-12-18T21:10:35","modified_gmt":"2018-12-18T21:10:35","slug":"copper-price-falls-despite-chinas-promise-of-more-economic-miracles","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1090720","title":{"rendered":"Copper price falls despite China’s promise of more ‘economic miracles’"},"content":{"rendered":"

Industrial metals came under renewed pressure on Tuesday after a defiant speech from China’s president Xi Jinping diminished hopes of an early settlement in the top commodity importer\u2019s intensifying trade dispute with the US.<\/p>\n

President\u00a0Jinping used the occasion of the 40-year anniversary of the start of China\u2019s \u201cReform and Opening Up\u201d to congratulate the stewardship of the communist party and reaffirm state control of industry. While promising Chinese economic “miracles that will impress the world<\/a>,” the president’s speech was light on detail about further free-market reforms.<\/p>\n

The London Metal Exchange index is set to suffer its first down year since 2015<\/q><\/p>\n

Little indication of fresh economic stimulus for the country\u2019s slowing economy and a commitment to its \u201cMade in China 2025\u201d policy \u2013 a major sticking point in negotiations between the world\u2019s two largest economies \u2013 sent base metal prices tumbling.<\/p>\n

Bellwether copper touched a low of $2.6550 a pound ($5,860 a tonne) in New York, down 3.6% on the day. China accounts for nearly half the world\u2019s copper usage and mounting fears of a trade war has seen the metal decline 20% or nearly $1,500 a tonne from multi-year highs reached in June.<\/p>\n

\"Copper<\/p>\n

After a strong start to 2018 following a 22% rally last year, nickel\u2019s fall has also been swift, with the metal mainly used in steelmaking down 30% from its summer highs. Zinc and lead have reversed most of their 2017 gains while tin is the only base metal with a shot at ending the year in positive territory. The London Metal Exchange index is set to suffer its first down year since 2015.<\/p>\n

Copper producers have been the worst hit in the mining sector this year with US-based Freeport-McMoRan declining 47% from its 2018 peak. Toronto\u2019s First Quantum Minerals is trading 53% below its 52-week high. Peru-focused Southern Copper Corp has dropped 46% since the summer while the decline for London-listed Antofagasta comes to 36%.<\/p>\n

Among the diversifieds Rio Tinto is also in bear market territory, but BHP has fared better containing share price decline to 10% compared to the counter\u2019s year high. Like the Anglo-Australian giants, Brazil\u2019s Vale \u2013 down 18% from its 2018 high \u2013 has benefitted from a relatively strong iron ore price, comprising the bulk of earnings for mining\u2019s Big 3.<\/p>\n

The post Copper price falls despite China’s promise of more ‘economic miracles’<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Industrial metal prices tumble as President Xi’s defiant speech intensifies trade war fears, offer little on economic stimulus or market reforms. <\/p>\n

The post Copper price falls despite China’s promise of more ‘economic miracles’<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[700,701,650,678,433,404,369,510,702,589,703,435],"tags":[30,33],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090720"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1090720"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090720\/revisions"}],"predecessor-version":[{"id":1090744,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090720\/revisions\/1090744"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1090720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1090720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1090720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}