Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
Copper had a fourth decline in five sessions on speculation that China’s efforts to stimulate its economy will fail to rekindle demand growth in the world’s biggest metals consumer.
China’s central bank cut the reserve ratio amid plunging stock prices and a weakening currency. Global equities headed for a fourth monthly decline amid mounting concerns about slowing world growth. Copper has lost more than 20 percent in the past year.
