{"id":1095375,"date":"2019-01-21T19:37:57","date_gmt":"2019-01-21T19:37:57","guid":{"rendered":"http:\/\/www.mining.com\/?p=964478"},"modified":"2019-01-21T19:37:57","modified_gmt":"2019-01-21T19:37:57","slug":"copper-price-falls-after-chinese-economic-growth-hits-28-year-low","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1095375","title":{"rendered":"Copper price falls after Chinese economic growth hits 28-year low"},"content":{"rendered":"

The copper price came under renewed pressure on Monday after headline figures showed a slowdown in the Chinese economy to annual rates of growth not seen in nearly three decades.<\/p>\n

In thin holiday trade in the US, copper for delivery in March slumped 1.6% compared to Friday’s close to $2.7655 per pound ($5,897 a tonne) on the Comex market in New York wiping out the metal’s gains for the year.<\/p>\n

Data released on Monday showed Chinese economic growth slowing to 6.4% during the fourth quarter, the lowest in almost a decade and the third quarter in a row of slowing growth. For 2018 as a whole the country’s GDP expanded by 6.6%, which was the lowest rate since 1990.<\/p>\n

\"Copper<\/p>\n

Source: March 2019 Futures Comex $\/lb via Bloomberg<\/p>\n<\/div>\n

In a note released on Monday<\/a>, economists from CIBC said while it is not expecting a recession in 2019, it expects “increasing trade barriers and tariffs to slow down global growth over the next 18 months, delaying our previously forecast 2020 recovery to 2021.\u201d<\/p>\n

The Canadian bank’s analysts adjusted their copper price forecast for 2019 to $2.75 per pound, down 10.6% from the previous prediction. For 2020 the bank expects copper to average $2.85, down more than 12%:<\/p>\n

\n

\u201cWe acknowledge that a stronger-than-expected fiscal and monetary policy response from China, and\/or supply disruptions (i.e., Chuquicamata in copper, Chinese smelting constraints in zinc), may support higher price estimates.<\/p>\n

\u201cHowever, a demand slowdown is likely to trump higher sustainable prices.\u201d<\/p>\n<\/blockquote>\n

China consumes nearly half the world’s copper and the metal is considered a good barometer of economic conditions given its widespread use in power grids, communication networks, manufacturing and construction.<\/p>\n

At the start of 2019, copper fell to a near two-year low of $2.54 a pound. Copper is technically in a bear market with the price plunging more than 20% since peaking in June 2018 over fears of the impact of the trade dispute between China and the US.<\/p>\n

The post Copper price falls after Chinese economic growth hits 28-year low<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Copper back in bear market with price down more than 20% since June peak over fears of the impact of the US-China trade war.<\/p>\n

The post Copper price falls after Chinese economic growth hits 28-year low<\/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":[404,369,428],"tags":[30,33],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1095375"}],"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=1095375"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1095375\/revisions"}],"predecessor-version":[{"id":1095376,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1095375\/revisions\/1095376"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1095375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1095375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1095375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}