Breaking News

Copper slides to six-day trough as China struggles

News Date: 26/4/2016 02:28:38
 
Copper prices tumbled today to a six-day low as Chinese shares gave up ground along with other Asian markets, while noting that China is the world's largest metals consumer, but undergoing a current economic transformation from manufacturing and investment to consumer spending, which affects copper negatively.

Copper futures fell 0.75% to hover around $2.236 a pound, compared to the previous close price of $2.254, with a session-high at $2.265, and a low at $2.232. Prices hit a one-month peak last week at $2.292 a pound.

China's Shanghai index on the other hand tumbled over half a percentage point before paring losses to register a 0.29% loss, while Japan's Nikkei index skidded 0.49% to trade at 17,353. Australian shares dropped 0.30% after a holiday yesterday.

Oil prices recorded some modest losses ahead of U.S. inventory data later, with Brent crude futures down nine cents, or 0.19% to trade at $44.26 a barrel, while U.S. West Texas Intermediate (WTI) crude futures eased seven cents, or 0.20% to hover around $42.60 a barrel.

Investors wait for an array of data today, with U.S. Durable Goods Orders expected to have risen comfortably in March by 1.9% m/m, compared to February's dismal 3.0% tumble, which would be positive for the dollar.

Also from the U.S., Flash Services PMI for April is expected to climb to 52.3 from March's 51.3, another positive sign for the world's largest economy ahead of the Fed meeting that begins later today.

Latest news

The number of global Coronavirus infections is increasing at an unexpected speed, and German Chancellor Angela Merkel said yesterday that the pace of new infections is advancing day after day, and at
11-2020 17 08:37:57

Japanese stock indices closed lower today, due to undermining investor sentiment for fear of a rise in Corona cases, and the Nikkei index fell by 0.53% to 25385.87 points, and over the course of a we
11-2020 13 05:10:43

The US dollar manage this morning, to achieve progress during the trading session, as the « safe currency » rose by 0.04% to indicate 93.073, and the dollar fell against the Japanese yen
11-2020 12 08:11:42

Trump is still trying to raise the curtain on the corruption – as he claims – which was defined by the polling process in the last major US election that was sorted by Democrat Joe Biden,
11-2020 11 08:58:20

Most of the global markets rebounded on Monday, right after the opening of the weekly trading session, after Democrat Joe Biden won the US presidential elections, and both stocks and commodities rebo
11-2020 10 09:23:45

More News

Logs

Advertisements