Copper To Close The Week Lower As Demand Weakens In A Still Supply Market
Copper pulled back on Friday after hitting the lowest level since September 12th at $2.0845 per pound. Nevertheless, the metal is set for a third weekly fall amidst concerns over cooling demand from China –the world’s biggest copper importer.
China has been gearing up on tightening controls on its red-hot real estate market. Housing market is a key consumer of copper in domestically large electrical goods such as refrigerators and washing machines, and power supply. Additionally, China’s disappointing industrial production figure released on Wednesday also exerted pressures on the base metal.
On the supply side, the International Copper Study Group (ICSG) on Thursday reported a 133,000-ton surplus in the global refined copper market in July, compared with a 106,000-ton deficit in June.
Copper Trade suggestion
Sell Stop at 2.0940, take profit at 2.0870, stop loss at 2.0990