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According to news, New York copper futures fell slightly on Friday, after a week of gains
.
The most actively traded May copper contract closed down 1.
0 cents, or 0.
4 percent, at $2.
2825 a pound
.
Copper prices fell nearly 3 percent in the cycle as the dollar slipped
after the Federal Reserve lowered its forecast for the number of rate hikes in 2016.
Copper futures are priced in US dollars, and when the dollar falls, it becomes cheaper
for buyers holding other currencies.
Meanwhile, the latest data from China showed a strong performance in the country's property market, which also boosted copper prices
.
China is the world's largest consumer of copper, accounting for 45%
of total global demand.
Sales prices of new homes (including newly built commercial housing and affordable housing) in 70 large and medium-sized cities rose 3.
6 percent year-on-year in February, the fifth consecutive monthly increase, according to data released by China's National Bureau of Statistics on Friday, and the increase extended to a new high
since June 2014.
From a month-on-month perspective, sales prices of new residential buildings rose 0.
6% in February from the previous month, the 10th consecutive month of growth, and the increase was wider
than the previous month.
But housing markets in some parts are at risk of overheating, and weak growth in smaller cities threatens to put more pressure
on an already sluggish economy.
All indications are reassuring investors that the Chinese government is prepared to expand stimulus to boost growth
.
Analysts at Capital Economics believe the recent rally in metals prices reflects a more optimistic
view of China's economic outlook.
In addition, market activity is expected to increase
as stimulus measures continue to be injected into the real economy.
But not all news from China is positive
.
Copper inventories on the Shanghai Futures Exchange continued to increase, climbing to a record high of nearly 400,000 tonnes last week
.
Commerzbank said copper stocks had increased by nearly 220,000 tonnes since the beginning of the year, indicating that China's copper demand is sluggish
.
Here's what closed: The March copper contract closed at $2.
2795 a pound, down 0.
95 cents from the previous session, trading in a range of $2.
2780-$2.
3145
.
The May copper contract closed at $2.
2825 a pound, down 1.
0 cents from the previous session, trading in a range of $
2.
2760-$2.
3235.