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Copper Falls Amid Chinese Industry Slowdown

hutmen-rodCopper slid the most in two weeks following signs of slowing in Chinas growth – the worlds biggest consumer of the metal. The Asian nation is responsible for around 40% of the copper consumption worldwide and for a long time has been one of the main factors, which influence the metals price.

According to JPMorgan Chase & Co the second biggest economy will expand by 7,6%, lowering down their estimate from 7,8%, following a report, which showed that Chinas industrial production expanded less than predicted. In particular, the official data published yesterday revealed a 9,3% rise in the industrial production, which was below expectations for a 9,5% and following an 8.9% the previous month.

David Wilson, an analyst at Citigroup Inc. in London said for Bloomberg: “The market is well supplied, and China is not growing as fast as everyone was hoping”. Copper stockpiles, monitored by the London Metal Exchange increased the most in four weeks.

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