On Thursday, the 13th of June 2019, industry grade metals had lost their momentum in the wake of a lack of progress over US-China trade dispute and weak factory data all over the world had dampened the metal futures prices.
When this report was being prepared, late-morning European trading hours, the benchmark London copper index had sliced by 0.3 percent to $5,833.50 per ton, residing closer to a five-month low, while zinc headed off 0.3 percent and lead had dropped by 0.4 percent.
While China has been the world’s biggest metal importers, latest China import data that fell to a three-year low figure could underscore the demands of industry grade metals, however, Beijing had recently made an announcement saying that it would soon inject more money into the supply chains of domestic businesses, which would likely to proffer some kind of boost to metal prices, analysts suggested.
Besides, several analysts had also added that a havoc-scale downfall of industry grade metal were cushioned by hopes of a Fed interest rate cut, while traditionally, a rate cut softens American dollar and make dollar-traded industry graded metals affordable to importers.
Citing statistics, on midday Asian trading hours, copper contract on Shanghai future had tumbled by 0.9 percent to $6,684.10 per ton, while aluminum lost 0.2 percent and zinc shed 0.7 percent, meanwhile nickel and tin had posted modest gains so far.