Copper Below $2.35 as Confidence Vanishes

Copper tumbled to a six-year low on Monday, as weak manufacturing data and the selloff in Chinese equities continued to weigh on industrial metals.

Three-month copper prices traded erratically on Monday on the London Metal Exchange, falling to $5,142 per ton—a low not seen since July 2009—before paring some losses in the afternoon to trade around $5,176.   This came after the final reading of the Caixin China manufacturing purchasing managers index showed a two-year low of 47.8 in July.

“As with many other China-exposed commodity markets, copper’s trade has been undermined year-to-date by surprisingly subdued economic activity in China,” said commodity analyst at Morgan Stanley, Susan Bates, in a note to clients on Monday.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.