{"id":1138604,"date":"2019-09-16T16:13:59","date_gmt":"2019-09-16T21:13:59","guid":{"rendered":"https:\/\/www.mining.com\/?p=1002068"},"modified":"2019-09-16T16:13:59","modified_gmt":"2019-09-16T21:13:59","slug":"chinese-factory-shocker-gives-copper-price-bulls-another-jolt","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1138604","title":{"rendered":"Chinese factory shocker gives copper price bulls another jolt"},"content":{"rendered":"<p>The price of copper dropped on Monday amid intensifying worries about China&#8217;s economic slowdown, particularly in manufacturing, vital to overall demand for the bellwether metal.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>In afternoon trading in New York, copper for delivery in July was trading just off its low for the day of $2.638 a pound ($5,815 a tonne), down more than 2% on the day and wiping out any gains for 2019 in the process.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>&#8220;Everything indicates that the price of copper will not improve next year.&#8221;<\/p>\n<p><cite>Octavio Araneda, CEO CODELCO<\/cite><\/p><\/blockquote>\n<\/figure>\n<p>Trade worries have dogged copper price bulls for the better part of a year, but more recently weak data from China (and the US and Germany, the world\u2019s top three consumers of industrial metals), has intensified the sell off.<\/p>\n<p>Chinese manufacturing data for August released Monday was nothing short of dismal with the National Bureau of Statistics outlining a 4.4% rise in factory output which was well below forecasts and the lowest reading since February 2002.<\/p>\n<p>The CEO of the world&#8217;s number one producer of copper, Chile&#8217;s Codelco, did not provide any solace to copper bulls, telling local media that prices will remain depressed through 2020, Reuters reports.<\/p>\n<p>Recently installed chief executive Octavio Araneda, said:  &#8220;Everything indicates that the price of copper will not improve next year. The trade war is difficult to predict,&#8221; adding that the state-owned company would instead seek to immediately boost production. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Friday&#8217;s stunning gains evaporate after worst Chinese factory data in 17 years and top producer says copper price will stay depressed through 2020.<\/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":[949,369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1138604"}],"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=1138604"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1138604\/revisions"}],"predecessor-version":[{"id":1138605,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1138604\/revisions\/1138605"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1138604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1138604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1138604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}