Copper prices (for 3-month delivery) just fell from a 2-week high in London, after a surprise report of falling Chinese copper demand shocked traders.
Shipments of copper and products into China fell for a third month in June to 328,231 tons, the customs office said July 10. That’s 17 per cent less than May and 31 per cent less than a year earlier, according to Bloomberg calculations. Copper in London had its first quarterly decline since 2008 in the April-to-June period on concerns that the global economic recovery was weakening, widening the premium of Shanghai copper over the LME price.
Dr. copper is so broadly used across the economy, that a sustained demand slow-down could be bad news for other commodities China loves to consume as well.
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