Copper continues to extend losses on Friday after the disappointing data from the economies with leading global demand for the red metal. Copper declined for the fourth consecutive session.
The red metal futures traded 0.76% lower to $3.089 per pound on the London Metal Exchange at the time of writing, the lowest since June 19. The metal has fallen by 2.2% this week, falling to 7.1% this year, the weakest among the six main metals on the London Metal Exchange.
Copper for December delivery rose 0.1% to $3.117 a pound in New York. While the October contract slid to 10 yuan closing at 48,910 a ton on the Shanghai Futures Exchange.
Copper – China
China is the red metal’s largest consumer, however the disappointing data released this week revealed a slowdown in the global growth stirred speculation that the banks will continue to maintain its stimulus program.
Reports released from the National Bureau of Statistics (NBS) on Wednesday showed that the industrial production in China came in at an annualized 9% in July, compared with forecasts of a 9.2% growth rate, while China’s retail sales rose 12.2% in July from the previous year.
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Europe GDP Reports
Following the trend of negative reports posted this week, the European nation’s posted disappointing data for the second quarter raising concerns over demand from the continent.
Germany’s gross domestic product (GDP) for the second quarter, came in weaker than expected, falling to 0.2%, compared to the 0.8% rise seen in the previous quarter, according to the Federal statistical Office. While on a annual basis, the eurozone’s largest economy grew by 0.8% in the quarter, compared to the expected 1.3% rise by analysts’.
While in France, the economy slowdown in the second quarter, as the nation’s gross domestic product (GDP) for the second quarter rose 0.1%, compared by the markets forecast of a 0.3% rise, the National Institute for Statistics and Economics Studies said on Thursday.
The gross domestic product (GDP) for the 18-ntion bloc as a whole, declined in the second growth, revealing no growth on a quarterly basis, while the bloc grew by 0.7% on an annual basis, according to the European statistical office Eurostat.
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