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Chinese growth slows putting pressure on value of metals

Date: Tue, 18 Oct 2011 | Author: Paul Sanderson

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Growth in China was 9.1 per cent in the third quarter, slowing from 9.5 per cent in the previous three months.

This was also lower than analysts’ estimates that predicted 9.3 per cent growth.

With China being the world’s largest purchaser of copper, the metal was down to $7,331 (£4,653) in early trading today. While aluminium also declined as a result to $2,190 (£1,390).

Yesterday, copper was up to $7,569 (£4,804) compared to Friday’s $7,515 (£4,762).

Aluminium edged up yesterday to $2,226 (£1,413) from $2,201 (£1,395) at the end of last week. Alloy increased to $2,195 (£1,393) from Friday’s $2,165 (£1,372).

Lead declined a touch yesterday to $2,022 (£1,283) from Friday’s $2,027 (£1,284). Nickel was unchanged at $18,750 but the sterling value was up to £11,899 from £11,881 at the end of last week.

Tin dropped to $21,825 (£13,851) compared to $22,075 (£13,987) on Friday. Zinc edged down to $1,919 (£1,218) from $1,925 (£1,220).

Steel was unchanged on $535 (£339).

Category: Recycling
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