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Copper inches up on upturn in China property prices-2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
11/22/2017 Copper exhibition -non-ferrous metals expo |
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Reuters reported tht copper edged higher on Monday, supported by falling inventories and a monthly upturn in China¡¯s property prices, with gains capped by a firmer dollar. Benchmark copper on the London Metal Exchange ended 0.8 percent up at $6,828 a tonne, having posted its second weekly decline on Friday.
Capital Economics commodities analyst Caroline Bain said ¡°Housing prices in China were a bit firmer, which is important in copper. Construction accounts for about half of Chinese copper demand. I¡®m slightly wary because rising housing prices don¡¯t necessarily mean there is going to be a flurry of construction activity, particularly as credit conditions are quite tight.¡±
On-warrant LME inventories in approved warehouses dipped to the lowest level in more than two months at 147,799 tonnes. On-warrant stocks are those not earmarked for delivery and are available to the market. MCUSTX-TOTAL
Prices for new homes in China rose at a slightly faster pace in October after gains had held steady the previous month. China¡¯s underlying fundamentals in the property sector remain sound and that any commodity price rout during the weak winter season in China would be short term.
-2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
-Non-Ferrous Metal exhibition, 2018
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