Copper Loses Steam, Lower Ahead of China Data
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Copper and other industrial metals are off today, with iPath DJ-UBS Copper TR Sub-Idx ETN (NYSE: JJC) lower by 2 percent. The Physical Platinum ETF (NYSE: PPLT) is also lower, posting a loss of 1.11 percent intra-day.
Copper and platinum demand can be hurt as industrial and manufacturing consumption slows, and the latest data out of the euro-zone is not helping to support commodities. Italian industrial production was reported below consensus estimates, adding another negative bit of date to the growing list.
Traders are also worried that manufacturing in China is slowing. Yesterday the Chinese central bank cut interest rates in an effort to bring life back into the slumping economy, which initially boosted copper and other metals, but the rally lost steam when Fed Chairman Ben Bernanke failed to signal that additional easing in the U.S. was on the way.
Markets will be looking for data out of China tonight, and that could move copper and industrial metals markets on Monday.
Copper and platinum demand can be hurt as industrial and manufacturing consumption slows, and the latest data out of the euro-zone is not helping to support commodities. Italian industrial production was reported below consensus estimates, adding another negative bit of date to the growing list.
Traders are also worried that manufacturing in China is slowing. Yesterday the Chinese central bank cut interest rates in an effort to bring life back into the slumping economy, which initially boosted copper and other metals, but the rally lost steam when Fed Chairman Ben Bernanke failed to signal that additional easing in the U.S. was on the way.
Markets will be looking for data out of China tonight, and that could move copper and industrial metals markets on Monday.
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