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LONDON – Copper prices fell Monday in London with most industrial metals, as a result of data showing that the Chinese economy has developed at a slower pace. the second quarter, which highlighted a decline in demand for raw materials.
The economic activity of the world's largest consumer of metals has been put under pressure by the government's efforts to contain the accumulation of debt, while Chinese industrial production has experienced its weakest development in two years because of the intensification of the trade war. with the United States.
The three-month copper reference price fell 0.7% to $ 6,192 per tonne, its lowest level in a year. Prices fell by about 14% in 2018.
Copper stocks in LME warehouses increased from 1,525 tonnes to 257,200 tonnes, although they are still at their lowest level since January.
Of the other metals for industrial use, aluminum gained 1.1% to $ 2,054 per tonne; closed zinc with a decline of 4 percent, to 2 thousand 474 dollars; lead dropped 1.2% to $ 2,000 175; tin lost 1.5 percent to $ 19,500; and Carsten Menke, commodity badyst at Julius Baer, said that Chinese GDP data indicate that there is some stability in the economy, but they reveal a staggering "old activity" based on investment in infrastructure.
"These segments account for between 40 and 60 percent of China's metal demand, and if we see a slowdown in the" old economy, "that can not be good," he said.
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