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London copper futures flat on Tuesday, China is about to enter the holiday|pluming

 

 

 

Sydney, September 30 Reuters-London copper flat on Tuesday, but not far from three-month lows, data released earlier showed September HSBC China manufacturing purchasing managers ' index (PMI) was slightly revised down future values. Copper posted its largest monthly drop since March, due to signs of increased supply.
Survey shows that China's September manufacturing activity showed signs of stabilization, export orders increased, so as to ease the worries of a hard landing in China, but still predicts a sluggish economy.
This summer, the worries about demand from China, as well as a stronger dollar puts pressure on prices.
"Now in the downward trend in copper prices, due to the stronger dollar and concerns about Chinese demand renewed, this trend is likely to continue for a longer period of time," Sydney Rivkin analyst Tim Radford said the advisory body.
"The market focus will be the iron-ore market, if we see the bottom starts to form, then this could be a turning point--I think copper prices won't have much room for further decline. ”
0722 GMT,LME three-month copper futures slipped 0.1% tonne 6,738. $ 50 day on modest gains. On Monday copper prices hit a low of $ 6,666 per ton since June 16.
Shanghai Futures Exchange main December copper contract rose 0.8%, tonne 48,030; Shanghai zinc rose 2.5%, for short profit-taking before the national day holiday in China.
Dealer squeeze positions prior to a week long holiday in China, the Shanghai Futures Exchange will begin on Wednesday closed

Sydney, September 30 Reuters-London copper flat on Tuesday, but not far from three-month lows, data released earlier showed September HSBC China manufacturing purchasing managers ' index (PMI) was slightly revised down future values. Copper posted its largest monthly drop since March, due to signs of increased supply.

 

Survey shows that China's September manufacturing activity showed signs of stabilization, export orders increased, so as to ease the worries of a hard landing in China, but still predicts a sluggish economy.

 

 

This summer, the worries about demand from China, as well as a stronger dollar puts pressure on prices.

 

 

"Now in the downward trend in copper prices, due to the stronger dollar and concerns about Chinese demand renewed, this trend is likely to continue for a longer period of time," Sydney Rivkin analyst Tim Radford said the advisory body.

 

 

"The market focus will be the iron-ore market, if we see the bottom starts to form, then this could be a turning point--I think copper prices won't have much room for further decline. ”

 

 

0722 GMT,LME three-month copper futures slipped 0.1% tonne 6,738. $ 50 day on modest gains. On Monday copper prices hit a low of $ 6,666 per ton since June 16.

 

 

Shanghai Futures Exchange main December copper contract rose 0.8%, tonne 48,030; Shanghai zinc rose 2.5%, for short profit-taking before the national day holiday in China.

 

 

Dealer squeeze positions prior to a week long holiday in China, the Shanghai Futures Exchange will begin on Wednesday closed

 

 

Tags: pluming