(Bloomberg) — Copper added to four straight weeks of declines after economic data from China highlighted continued weak spots in the metal’s biggest market.
Most Read from Bloomberg
Copper fell 0.9% to $9,655 a ton by 2:42 p.m. in Shanghai, heading for its lowest close on the London Metal Exchange in two months. The world’s second-biggest economy released figures on Monday that bolstered concerns over a disappointing demand recovery. While retail sales were stronger in May, industrial output and fixed-asset investment both posted slower growth, and the housing slump deepened.
President Xi Jinping’s government has rolled out various measures to steady growth and stabilize the property sector, but Monday’s data triggered calls for more powerful action. Declines in real estate investment and home prices both gathered pace in May.
“The Chinese property sector continues to weaken despite a series of easing policies,” said Wang Yingying, an analyst with Galaxy Futures Co. “People are very pessimistic about the property market.”
Copper hit a record above $11,000 just last month, but has rapidly retreated due to worries about rising global inventories and signs of weakness in China. Metals also came under pressure last week as the Federal Reserve dialed back expectations for rate hikes.
Iron ore futures in Singapore were down 2.3% to $104.95 a ton. Aluminum dropped to head for its lowest since April, after China also reported record monthly output of the metal.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
Source Agencies
