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Metals fall on weaker Chinese demand but other commodities stronger

Date: Wed, 7 Mar 2012 | Author: Paul Sanderson

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The value of copper and aluminium has fallen after China cut its growth forecast.

As revealed earlier in the week, the Chinese Government has announced that it has cut its predicted growth for 2012 to 7.5 per cent after seeking 8 per cent growth for the past eight years.

As a result, metal markets have taken this as an indication that there will be less demand in the market.

Three-month copper closed yesterday at $8,289 (£5,246) and was trading even lower at $8,260 earlier today.

Aluminium was also trading $20 lower at $2,215 (£1,402).

However, the S&P GSCI index of 24 commodities was up 0.4 per cent after news was revealed that American companies hired more workers in February.

Brent crude oil was up 0.6 per cent to $122.73 a barrel, while WTI in New York rose 0.4 per cent to $105.13.

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