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Copper futures fall to 4-year low on China slowdown concerns-有色金属展-铜材展-铝材展-钛材展-2015年广州国际有色金属工业展览会-效果最好的有色金属展会-2015Guangzhou int’l non-ferrous metals exhibition
12/10/2014 有色金属展-铜材展-铝材展-钛材展-non-ferrous metals expo |
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Copper futures fell to the lowest level in more than four years on Monday, as market players digested a pair of reports on Chinese November factory activity, which provided more evidence of a slowdown in the world''s second largest economy.
On the Comex division of the New York Mercantile Exchange, copper for March delivery fell by as much as 2.3% to touch a daily low of $2.779 a pound, a level not seen since June 2010, before recovering to last trade at $2.839 during European morning hours, down 0.6 cents, or 0.21%.
Copper prices lost 11.2 cents, or 3.79%, on Friday to settle at $2.844 a pound.
Futures were likely to find support at the $2.770-level and resistance at $2.970, the high from November 28.
Official data released earlier showed that China''s manufacturing purchasing managers'' index slipped to an eight-month low of 50.3 this month, below expectations for a reading of 50.5 and down from 50.8 in October.
The China HSBC final manufacturing PMI hit a six-month low of 50.0 in November, unchanged from a preliminary estimate and down from 50.4 the previous month.
The Asian nation is the world''s largest copper consumer, accounting for almost 40% of world consumption last year.
Copper prices bounced off the lows as the US dollar weakened against its major counterparts, as traders booked profits from the greenback''s recent rally.
Elsewhere on the Comex, gold futures for February delivery dipped $1.30, or 0.11%, to trade at $1,174.20 a troy ounce, while silver futures for March delivery rallied 34.1 cents, or 2.2% to trade at $15.89 an ounce.
Gold futures tumbled by as much as 2.3% after Swiss voters voted against a proposal requiring the Swiss central bank to boost its gold reserves.
The "Save our Swiss gold" initiative was rejected by 77% of voters in a referendum held on Sunday. The proposal would have required the Swiss National Bank to hold at least 20% of its assets in the precious metal, up from around 8% currently.
Meanwhile, U.S. oil and Brent prices extended sharp losses from the previous session on Monday to hit the lowest level since 2009 as investors piled on to their short positions in anticipation of lower prices in response to OPEC''s decision to maintain production last week.
Later in the day, the U.S. Institute of Supply Management was to release data on manufacturing activity.
有色金属展-铜材展-铝材展-钛材展-2015年广州国际有色金属工业展览会-效果最好的有色金属展会-2015Guangzhou
int’l non-ferrous metals exhibition
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