{"id":1162032,"date":"2020-01-27T12:55:06","date_gmt":"2020-01-27T18:55:06","guid":{"rendered":"https:\/\/www.mining.com\/?p=1012205"},"modified":"2020-01-27T12:55:06","modified_gmt":"2020-01-27T18:55:06","slug":"copper-price-losing-streak-now-in-double-digits","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1162032","title":{"rendered":"Copper price losing streak now in double digits"},"content":{"rendered":"<p>The copper price fell sharply again on Monday as China, responsible for more than 50% of the world&#8217;s copper consumption, struggles to control the deadly coronavirus outbreak.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\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>Eight consecutive down days in New York saw copper for delivery in March losing 10.2% in value, falling to a more than 3-month low of $2.592 a pound ($5,715 a tonne) on the Comex market in New York.\u00a0On the LME, copper suffered its longest losing streak in six years.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>The Chinese government ~6% growth target for 2019 &#8220;is likely non-negotiable&#8221; <\/p>\n<\/blockquote>\n<\/figure>\n<p>BMO Capital said in a research note that the Beijing&#8217;s response to the outbreak, assuming it can be brought under control, could be significant. <\/p>\n<p>The investment bank believes the Chinese government ~6% growth target for 2019 &#8220;is likely non-negotiable in order to meet the doubling of per capita GDP promised by President Xi in 2020 versus 2010&#8221;: <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>And with consumption weaker, this will likely involve more fixed asset investment-heavy government spending. <\/p>\n<p>As a result, we may see another push into infrastructure projects into mid-year, while property restrictions could be further eased.\u00a0<\/p>\n<p>For metals and bulk commodity demand, we see a slightly weaker Feb-March than may have been anticipated, but limited changes to expectations for the year as a whole.\u00a0<\/p>\n<\/blockquote>\n<p>Other industrial metals, where China&#8217;s dominance is even more pronounced, were also trading down on Monday. Nickel fell 2.8% to $12,615 a tonne, the lowest level since early July while zinc prices gave up more than 4% to a one-month low of $2,240 a tonne.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eight straight down days drops copper 10.2% to more than 3-month low as China struggles to contain coronavirus outbreak.<\/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],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1162032"}],"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=1162032"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1162032\/revisions"}],"predecessor-version":[{"id":1162071,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1162032\/revisions\/1162071"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1162032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1162032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1162032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}