China Copper Gauge at Zero Offers Stark Warning to Metals Bulls [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
(Bloomberg) -- A key measure of Chinese copper demand just sank to zero, another sign that global prices are not balanced with what buyers in the biggest market are prepared to pay. Most Read from Bloomberg Taylor Swift Is Proof That How We Critique Music Is Broken Biden's New Chopper Is Demoted After Scorching White House Lawn Tech Giants Roar as Tesla Spikes in Late Hours: Markets Wrap Billionaire Pinaults Fight to Pull Gucci Off the Discount Rack Ray Dalio's Famous Trade Is Sputtering, Investors Bailing Premiums paid on imported refined copper extended a months-long decline to reach zero for the first time in Shanghai Metals Market data going back to 2017. The unusually low levels come just days after copper on the London Metal Exchange rallied to a two-year high near $10,000 a ton. Copper is up nearly 15% this year on the LME on bets that a global recovery in manufacturing — and growth in demand from new-energy applications — will spur long-term gains. But in Chin
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News
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- Exclusive-Near-record high LME prices a magnet for Chinese copper exports [Yahoo! Finance]Yahoo! Finance