{"id":1119631,"date":"2019-06-05T19:49:23","date_gmt":"2019-06-05T19:49:23","guid":{"rendered":"http:\/\/www.mining.com\/?p=991844"},"modified":"2019-06-05T19:49:23","modified_gmt":"2019-06-05T19:49:23","slug":"copper-price-falls-on-worst-global-factory-data-since-2012","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1119631","title":{"rendered":"Copper price falls on worst global factory data since 2012"},"content":{"rendered":"

The price of copper was hammered on Wednesday amid mounting worries about the impact of a trade war between the world\u2019s two largest economies and a global slowdown in manufacturing.<\/p>\n

In early afternoon trading in New York, copper for delivery in July touched a low of $2.62 a pound ($5,775 a tonne), down nearly 2% from Tuesday\u2019s settlement. Copper is now trading more than 20% below levels seen this time last year, technically placing the bellwether metal in a bear market.<\/p>\n

Frank Holmes, CEO of US Global Investors, a Texas-based investment company with a long track record in the gold and resource sector, points out in a blog post<\/a> that the global gauge of manufacturing activity gave the worst reading in seven years in May.<\/p>\n

The global PMI or Purchasing Managers Index slid to 49.8 last month signalling contraction in factory activity globally for the first time since 2012.<\/p>\n

While technically in expansion mode (a reading above 50) US May PMI recorded its worst print\u00a0since the aftermath of the 2008\/09 global financial crisis.<\/p>\n

China\u2019s official PMI figures also slid below 50 last month with the employment sub-index tumbling to its lowest level in more than a decade.\u00a0With the country consuming nearly half the world’s copper, the price of the orange metal is closely correlated with domestic factory conditions.<\/p>\n

According to a new World Bank report<\/a>\u00a0the value of global trade for\u00a02019 has been revised down a full percentage point, to 2.6% \u2014 slightly below the pace observed during the 2015-16 trade slowdown and the weakest since the global financial crisis.\u00a0\u00a0<\/span>\u00a0<\/span><\/span><\/p>\n

 <\/p>\n

\"Copper<\/a><\/p>\n

The post Copper price falls on worst global factory data since 2012<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Growing trade fears combine with shrinking global manufacturing activity to push copper price to lowest level for 2019. <\/p>\n

The post Copper price falls on worst global factory data since 2012<\/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],"tags":[33],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1119631"}],"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=1119631"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1119631\/revisions"}],"predecessor-version":[{"id":1119666,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1119631\/revisions\/1119666"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1119631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1119631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1119631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}