China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Copper price slipped on Wednesday as rising geopolitical risks weighed on investors’ risk appetite while rising covid-19 cases in China fueled demand concerns.
Global markets were rattled after NATO member Poland said that a Russian-made rocket killed two people in eastern Poland near Ukraine.
The Nato chief Jens Stoltenberg said on Wednesday the blast was “likely” caused by Ukraine’s air defense systems.
Copper for delivery in December fell 1.4% on the Comex market in New York, touching $3.76 per pound ($8,272 per tonne).
[Click here for an interactive chart of copper prices]
The most-traded December copper contract on the Shanghai Futures Exchange dipped 0.3% to 66,650 yuan ($9,405.07) a tonne.
Meanwhile, covid-19 cases have kept rising in China, including its capital city Beijing and southern city Guangzhou, increasing concerns about demand from the top metal consumer.
(With files from Reuters)
