Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
The copper price fell on Wednesday as the market focused on slowing growth and demand.
Copper for delivery in March fell 1% on the Comex market in New York, touching $3.72 per pound or $8,184 per tonne.
[Click here for an interactive chart of copper prices]
Surging covid cases in China after the easing of restrictions have reinforced worries about demand, already under pressure from weakening global industrial activity.
“Globally, it doesn’t look good for industrial metals. China’s rapid reopening remains in focus with optimism around reopening, tempered by the number of cases,” a metals trader said. “The softening dollar is lending some support.”
Also weighing on the base metals complex is China’s Lunar New Year holiday later this month when factories sometimes shut down for weeks.
(With files from Reuters)
