Shanghai copper slips

13 Aug, 2016

Shanghai Futures Exchange copper slipped by 0.1 percent to 37,560 yuan ($5,653) a tonne on Friday after a string of China data missed expectations, but was still targeting a small weekly advance, cushioned by a weaker dollar.
China's economic activity slowed in July, with investment growing at its slowest pace in more than 16 years in the year-to-date period, as the world's second-largest economy grappled with the painful restructuring of its older industrial sectors.
Although the report suggested tepid growth in China's economy, China state media's Xinhua suggested that further stimulus may not be forthcoming.
It said that market speculators betting on more monetary easing in China will probably be disappointed, as it would hamper efforts to reduce overcapacity and remove asset bubbles, cutting a plank of support for metals.
"The day has started on a negative basis with weaker-than-expected Chinese industrial production and retail sales numbers with all the metals posting small losses so far," said Kingdom Futures in a note.
"All eyes will be watching for any further signs of economic slowdown which will only out further pressure on metals prices."

Read Comments