Quote on Copper : The weakness observed in the base metals sector appears to have momentarily abated says Mr. Saish Sandeep Sawant Dessai, Angel One
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Below the "Quote - Copper" by Mr. Saish Sandeep Sawant Dessai, Research Associate- Base Metals, Angel One Ltd
The weakness observed in the base metals sector appears to have momentarily abated, with metals concluding the recent month of July on a positive note. Furthermore, they closed the most recent week with positive readings. This shift can be attributed to China, the world's second-largest economy and a significant consumer of base metals, as its policymakers have expressed a commitment to bolster the economy through intensified policy support.
However, Tuesday's performance in the base metals market depicted a different picture, as most of the metals experienced cuts of over 1 percent. LME Copper and Zinc notably ended 1.62 percent lower. Copper prices reached a near-month low due to concerns about diminished demand from China. Disappointing trade and auto sales data raised alarms about a potential downturn in the largest metals-consuming nation.
China's considerable decline in imports and exports for July, particularly evident in passenger vehicle sales and copper products, poses a threat to the growth prospects of the second-largest global economy. Despite these challenges, the downside impact remains contained, partially due to remarks from Federal Reserve officials suggesting a potential pause in interest rate adjustments. Consequently, the current landscape remains delicately poised between worries about demand and the influences of economic policies.
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