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According to foreign news on October 4, London Metal Exchange (LME) copper fell on Friday, although the US unemployment rate fell to a nearly 50-year low, but the market is still worried about weak global economic growth, but supply tightness restrains copper decline
.
On October 4, at 17:00 London time (00:00 Beijing time on October 5), three-month copper fell 0.
3% to $
5,643 a tonne.
Copper prices have fallen for five consecutive sessions, down 2.
1%
during the week.
U.
S.
manufacturing activity fell to a more than 10-year low in September, data released earlier showed a modest increase in U.
S.
employment in September, but Friday's data showed modest U.
S.
job growth
.
Carsten Menke, Zurich-based analyst, said: "It's fair to say that we're in the midst of a global manufacturing recession, and if you look at the automotive market, it's not surprising.
.
.
Metal demand
is suppressed.
"It's all about demand at the moment, because if you look at the supply side of copper, we have some serious problems with that, and the global supply of aluminum is going down, which hasn't happened in about 10 years
.
" ”
Codelco, the world's largest copper miner, has agreed to spot copper supplies to European buyers in 2020 at $98 a tonne, in line with
2019 levels, copper industry sources said on Friday.
