Copper Prices Tumble Amid Mixed China Data
Copper prices have been under pressure lately, and this week was no exception. On Thursday, copper futures dipped toward $6.5 per pound, reaching two-week lows. This decline comes as investors assess mixed economic data from top consumer China.
On the one hand, China's industrial profits rose 15.7% in the first eight months of the year compared to a year earlier, but this increase slowed down from a 17.6% rise recorded during January-July. On the other hand, data showed that China's manufacturing sector returned to growth in September, which could boost demand for copper.
Supply developments are also playing a role, with Chilean production potentially affected by a strike at an Antofagasta Plc-owned site. Meanwhile, Panama's government has proposed restarting operations at a major mine in the country.
The Trump administration has delayed its decision on imposing tariffs on refined copper, which could further impact prices.