China's imports of copper rose 9.3% from a year earlier.
China’s imports of copper rose 9.3% from a year earlier, customs data on Sunday showed, as a sharp drop in the price of the metal triggered buying appetite amid falling domestic inventories.
Copper prices, often seen as an economic bellwether, plunged by one-third from a March high to mid-July as China’s covid-19 control measures hurt manufacturing activities and amid growing fears of a global economic recession. “There was large-volume buying from Chinese copper users and traders when the market hit lows,” said He Tianyu, a copper analyst at CRU Group, prior to the release of the customs data. This was against the backdrop of falling domestic inventories of copper, with some smelters shut for summer maintenance.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
July US Jobs Report Explained For Traders in 60July NFP report surprised to the topside dismissing recession concerns.
Read more »
EXCLUSIVE: Migrant Apprehensions Along Southwest Border Hit 180K in JulyAgents along the nine southwest Border Patrol sectors apprehended more than 180,000 migrants in July after they illegally crossed from Mexico between ports of entry.
Read more »
July jobs report 'scorcher' raises odds of another super-sized Fed rate hikeThe Federal Reserve may have no choice but to approve another mega-sized interest rate hike in September following the hotter-than-expected July jobs report.
Read more »
Core Scientific increased Bitcoin production by 10% in July amid Texas power cutsCrypto miner Core Scientific produced 1221 Bitcoins in July, even though the company affirms having shut down its data centers several times during the month.
Read more »
Argo mined 22.4% more bitcoin in July than in June — and sold 887Argo used a majority of the revenue from the BTC it sold in July to reduce its bitcoin-backed loan with Galaxy Digital.
Read more »
Official: 4th child dead after July 29 York County tractor crashState police in York County said a farm tractor was pulling a utility trailer with more than a dozen other people, mostly children, when it went over an embankment and both vehicles overturned.
Read more »