Copper price falls on demand worries in ChinaÂ
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“Chinese data was disappointing, suggesting a bigger hit than expected from covid-19 restrictions,” a metals trader said, adding that a higher dollar had also triggered fund selling.
“But there is a positive – interest rate cuts from the PBOC (People’s Bank of China).”
China’s economy unexpectedly slowed in July, with growth in industrial output, fixed-asset investment, total social financing, and new yuan loans slowing.
Meanwhile, Chinese property developers sharply cut investment in July, while new construction starts suffered their biggest fall in nearly a decade.
However, China’s central bank unexpectedly cut key interest rates for the second time this year on Monday in an attempt to revive credit demand to support growth.
(With files from Reuters)
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