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Copper price rises as China factory activity expands-The 24th China(Guangzhou) Int’l Non-Ferrous Metals (Copper) Exhibition
9/4/2023 有色金属展-铜材展-non-ferrous metals expo |
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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).
“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.
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