Wednesday, July 6, 2022

London copper futures fall for fourth straight week on demand worries

Today’s News||

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Copper prices slipped on Friday

On track for a fourth straight weekly decline, as

Rapidly rising interest rates and weak economic data raise concerns

A global recession, which will weaken demand for the metal.

Basic knowledge

* LME three-month copper

It was down 0.5% at $8,215.50 a tonne by 0227 GMT.

* Gold posts worst quarterly performance since 2011

In the three months to June, it fell 20.4%. down nearly 2%

for weeks.

* Shanghai’s most traded August copper contract

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It fell 2.1 percent to 62,880 yuan ($9,387.60) a tonne.

* Asian manufacturing activity stalls in June

Businesses suffer from supply disruptions in China

Friday’s survey revealed strict COVID-19 lockdowns.

* China’s manufacturing activity expands fastest

For the 13 months in June, boosted by a strong rebound in output,

Private sector opinion polls released on Friday showed.

* U.S. consumer spending rises less than expected in May

Motor vehicles remain scarce, while rising prices force

Reduce purchases of other items.

* Central banks are raising rates sharply to curb

Amid soaring inflation, dampening economic growth.

* Dollar edged higher against major currencies,

Best week in four.US dollar strengthens

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Makes dollar-denominated metals more expensive for holders

other currencies.

* Chile’s copper production ranks first in the world

Metals producers, down 2.7% year-on-year to 480,275 tonnes

In May, the country’s statistics agency INE said on Thursday.

market news

* Asian stocks start shaky for second year

Friday’s first half as investors

Global economic outlook.

Data/Event (GMT)

0750 France S&P Global Manufacturing PMI

0755 Germany S&P Global/BME Manufacturing PMI

0800 EU S&P Global Manufacturing PMI Final Value

0830 UK S&P GLBL/CIPS Manufacturing Purchasing Managers’ Index

0900 EU HICP Flash YY

0900 EU HICP-X F&E Flash YY

1345 US S&P Global Manufacturing PMI Final Value

1400 US ISM Manufacturing PMI

price

Three-month LME Copper

Most Active ShFE Copper

Three months LME Aluminium

Most Active ShFE Aluminum

3 months LME Zinc

Most Active Shanghai Futures Exchange Zinc

Three months LME lead

Most Active Shanghai Futures Exchange Lead

Three-month LME Nickel

Most Active Shanghai Futures Exchange Nickel

Three-month LME Tin

Most Active ShFE Tin

(1 USD = 6.6982 RMB)

(Reporting by Brijesh Patel in Bengaluru; Editing by Amy Caren

Daniel)

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