- Write by:
-
Friday, September 1, 2023 - 22:24:33
-
165 Visit
-
Print
Mining News Pro - The copper price rose on Friday after Beijing delivered a boost for China’s property sector, while a private survey pointed to a pick-up in the country’s manufacturing sector.
On Thursday, China allowed its largest cities to cut down payments for homebuyers and encouraged lenders to lower rates on existing mortgages, the latest move to ease pressure on the property market.
The Caixin manufacturing purchasing managers index rose to 51 last month, the highest reading since February, and showing a return to expansion after a contraction in July.
Copper for delivery in September was up 2% on the Comex market in New York, touching $3.90 per pound ($8,580 per tonne).
Click here for an interactive chart of copper prices.
“Copper will keep fluctuating at a high level as expectations for government stimulus dominate trading,” Citic Futures said in a note. “Low copper inventories risk a supply squeeze as Chinese demand is set to rise in the coming peak season.”
On Friday, China also announced moves to support its currency, which slid toward its weakest level since 2007 in August.
Short Link:
https://www.miningnews.ir/En/News/627314
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports ...
Copper output in Chile, the world’s largest producer of the metal, edged down in March, data from copper commission ...
Panama’s president-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple ...
Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant ...
Europe’s largest copper producer Aurubis AG reported first-half core profit above expectations on Wednesday, helped by ...
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit ...
No comments have been posted yet ...