Copper prices have experienced significant declines due to weak demand from China, the world's largest copper consumer. Economic data from China has highlighted continued weak spots, particularly in the metals-intensive property sector, leading to a fall in iron ore prices by more than 2% and further declines in copper and aluminum prices. Record high copper prices have likely paused U.S. scrap shipments to China, despite a surge in China's copper scrap imports due to shortages of concentrate. In the past four weeks, copper has fallen 13% to $9,600 per tonne, with Chinese wire and cable manufacturers under tremendous pressure due to the downturn in the real estate sector. Additionally, the largest glut of copper in four years has built up in Chinese warehouses, causing copper for delivery to Shanghai to trade at a discount to the global benchmark price, a rare occurrence. China's offloading of copper to world markets at a record pace is further contributing to the downward pressure on prices. Copper is currently priced at $9,000, and base metals are experiencing a downward drift.
Copper glut in China. Oops. https://t.co/WMJapnF8bR
$IE down 3%. Someone just dumped it to $9.44. #Copper is up. many copper stocks are up 2%-3%
China is OFFLOADING Copper to world markets at record pace now Buckle up if you are long metals!? FULL story -> https://t.co/wzTlf8VSwe https://t.co/DT9GIAPXu3
“The biggest glut of copper in 4 yrs has built up in Chinese warehouses.. In the four weeks since the record high copper has fallen 13%..weak mkt in🇨🇳has led copper for delivery to Shanghai to trade at discount to global benchmark price, a rare occurrence” https://t.co/GGT810psqX https://t.co/sj65KKsjZB
In the four weeks since the record high, copper has FALLEN 13% to $9,600 per tonne, weighed down by weak Chinese demand Wire & cable manufacturers are under “tremendous pressure” because of the downturn in China’s real estate sector Source: FT https://t.co/lw6gYAde6Z
Copper $9,000, Base Metals Downward Drift; Drivers, Implications - Fundamentals for base metals appear soft, with #nickel and #copper in particular seeing big builds in inventory. Though the long-term case on greenification remains bullish, near-term prices may drift lower with… https://t.co/uLir4dXAFO
Excellent charts via @SoberLook. Copper, Aluminum, and Iron ore all fell further on China property market concerns https://t.co/SuUxfTvL95 https://t.co/oRWcDONHpn
🔵 RECORD COPPER PRICES LIKELY TO PAUSE U.S. SCRAP SHIPMENTS TO CHINA China's copper scrap imports have soared due to shortages of concentrate that is processed into refined metal used in the power and construction industries, but record high prices mean U.S. shipments are… https://t.co/5Amntab79e
Iron ore fell more than 2% and copper extended its recent decline after economic data from China highlighted continued weak spots — especially in its metals-intensive property sector https://t.co/IvpD4kDDRx via @markets https://t.co/CRCwmZjW5f
Chinese Copper consumption is on the Floor! Remember that China is the largest Copper consumer and yet we keep hearing about “scarcity” False flag? More -> https://t.co/Mfp9NdhpyQ https://t.co/yXwenIAYxI