Copper slid the most in two weeks following signs of slowing in Chinas growth – the worlds biggest consumer of the metal. The Asian nation is responsible for around 40% of the copper consumption worldwide and for a long time has been one of the main factors, which influence the metals price.
According to JPMorgan Chase & Co the second biggest economy will expand by 7,6%, lowering down their estimate from 7,8%, following a report, which showed that Chinas industrial production expanded less than predicted. In particular, the official data published yesterday revealed a 9,3% rise in the industrial production, which was below expectations for a 9,5% and following an 8.9% the previous month.
David Wilson, an analyst at Citigroup Inc. in London said for Bloomberg: “The market is well supplied, and China is not growing as fast as everyone was hoping”. Copper stockpiles, monitored by the London Metal Exchange increased the most in four weeks.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
