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Copper inches up on upturn in China property prices-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
11/22/2017 Copper exhibition -non-ferrous metals expo |
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Reuters reported tht copper edged higher on Monday, supported by falling inventories and a monthly upturn in China’s property prices, with gains capped by a firmer dollar. Benchmark copper on the London Metal Exchange ended 0.8 percent up at $6,828 a tonne, having posted its second weekly decline on Friday.
Capital Economics commodities analyst Caroline Bain said “Housing prices in China were a bit firmer, which is important in copper. Construction accounts for about half of Chinese copper demand. I‘m slightly wary because rising housing prices don’t necessarily mean there is going to be a flurry of construction activity, particularly as credit conditions are quite tight.”
On-warrant LME inventories in approved warehouses dipped to the lowest level in more than two months at 147,799 tonnes. On-warrant stocks are those not earmarked for delivery and are available to the market. MCUSTX-TOTAL
Prices for new homes in China rose at a slightly faster pace in October after gains had held steady the previous month. China’s underlying fundamentals in the property sector remain sound and that any commodity price rout during the weak winter season in China would be short term.
-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
-Non-Ferrous Metal exhibition, 2018
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