Politics
Copper price remains near 9-month low as 2025 opens with eyes on China
The selling pressure came as a weaker-than-expected Caixin manufacturing survey for December raised doubts about the strength of China's economic recovery.
For the year ahead, the market is focused on whether there will be a recovery in the country's struggling real estate sector, a key pillar of metals demand, as well as the potential impact of frictions commercial activities linked to the American presidency of Donald Trump. Officials have pledged to use more borrowing and public spending as well as monetary easing to boost growth in 2025.
Investors are waiting to see if and when Chinese support measures will spill over into metals markets in the form of stronger demand, Ewa Manthey, commodities strategist at ING, said by email. Trump's tariffs could also trigger greater stimulus from China, limiting the decline in copper prices this year.
Chinese President Xi Jinping acknowledged new challenges from the external environment in his New Year's Eve speech on Tuesday. Earlier in the day, he said China was on track to meet its official growth target. around 5% for 2024 and that the economy was generally stable.
The six-metal LMEX index on the London Metal Exchange closed 2024 with a modest gain of around 4%, as slowing Chinese demand was offset by bouts of downside-related supply pressures. stocks and mining supply shortages.
Copper was up 0.1% at $8,779 a tonne on the LME at 11:13 a.m. local time. Zinc fell 1% to $2,948.50 a tonne, following a 12% rise last year, while nickel fell 0.8%.
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