{"id":1149890,"date":"2019-11-14T15:29:12","date_gmt":"2019-11-14T21:29:12","guid":{"rendered":"https:\/\/www.mining.com\/?p=1006859"},"modified":"2019-11-14T15:29:12","modified_gmt":"2019-11-14T21:29:12","slug":"copper-price-bulls-take-another-beating","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1149890","title":{"rendered":"Copper price bulls take another beating"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2012\/07\/climber-falling-333.jpg\" alt=\"Copper price bulls take another beating\" class=\"wp-image-419545\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2012\/07\/climber-falling-333.jpg 400w, https:\/\/www.mining.com\/wp-content\/uploads\/2012\/07\/climber-falling-333-300x250.jpg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2012\/07\/climber-falling-333-250x208.jpg 250w, https:\/\/www.mining.com\/wp-content\/uploads\/2012\/07\/climber-falling-333-150x125.jpg 150w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><figcaption>Copper bulls hung out to dry. Stock image<\/figcaption><\/figure>\n<\/div>\n<p>The price of copper fell on Thursday amid worries about China\u2019s economic slowdown vital to overall demand for the metal widely used in the manufacturing, construction, transportation and electricity sectors.<\/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 $2.61 a pound ($5,760 a tonne), down more than 4% over the last week.<\/p>\n<p>The National Bureau of Statistics also outlined a drop in fixed investment from 4.8% in September to 3.7% last month. Adding to the bearishness of the numbers is the fact that state-owned firms kept capital spending largely in tact (no doubt guided by the invisible hand of Beijing), but private firms were loathe to make any new investments.   <\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p> Even if a minor deal is agreed upon in the coming months, this would merely allow the focus to shift to the more intractable issues that we think will eventually lead the trade talks to break down<\/p>\n<\/blockquote>\n<\/figure>\n<p>Chinese industrial production growth for October released on Thursday also came in way below expectations \u2013 falling to 4.7% year-on-year from 5.8% in September. <\/p>\n<p>Trade worries have dogged copper price bulls for the better part of a year, and the recently announced &#8220;phase one&#8221; deal between the Trump administration and Beijing only briefly lifted spirits.<\/p>\n<p>Despite strong fundamentals \u2013 weakening mine supply, threat of disruptions most notably from top producer Chile, low global stocks and robust demand outlook \u2013 spikes in the copper price this year has turned out to be temporary.<\/p>\n<p>In a note Capital Economics&#8217; senior China analyst Julian Evans-Pritchard says &#8220;not only were last month\u2019s data weak, but further weakness lurks ahead&#8221;:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>Real estate is primed for a further moderation as financing to the sector is being squeezed by a regulatory crackdown and construction growth continues to outpace sales growth. <\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>Admittedly, optimism surrounding a phase-one US-China trade deal could provide a boost to corporate investment in the near term. But even if a minor deal is agreed upon in the coming months, this would merely allow the focus to shift to the more intractable issues that we think will eventually lead the trade talks to break down.\u00a0<\/p>\n<\/blockquote><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Copper price drops after dismal Chinese economic data dash hopes of recovery when &#8220;phase one&#8221; trade deal with US is inked.<\/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":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1149890"}],"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=1149890"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1149890\/revisions"}],"predecessor-version":[{"id":1149894,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1149890\/revisions\/1149894"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1149890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1149890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1149890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}