- Comex copper futures closed -1.1% at a four-week low $2.7465/lb., following Chinese stock markets lower on the prospect of slowing global economic growth in the world's largest copper consumer.
- While “the underlying Chinese economy is still running smoothly,” copper’s drop and “continuing malaise is from the impact of those macro headwinds,” says Investec mining analyst Hunter Hillcoat.
- Worries of a Chinese slowdown have sharpened investors’ focus on the country’s economic figures, and Chinese markets could could take another hit if analyst forecasts for slowing Q3 growth are proven correct when GDP data is released tomorrow.
- Relevant tickers include FCX, BHP, RIO, VALE, TECK
- ETFs: OTCPK:JJCTF, COPX, CU, CPER, CUPM