IV:Copper hits 1-week low after Chinese manufacturing PMI disappoints
Copper was down by 1.1% in the y esterday's trading session at the LME platform. The commodity traded lower for the larger part of the day taking negative cues from the Chinese manufacturing data and slightly weak housing sector related data from the US.
Copper stockpiles in the warehouses monitored by LME continue to broadly decline and are currently at the lowest levels since March 2012. International copper market backwardation has narrowed down from $64.50 to $24 indicating a decrease in spot demand for immediate delivery.
We are continuing our selling view on copper as the commodity is taking negative cues out of the weak manufacturing data from China stocking concerns that the demand from the world`s largest consumer of industrial metals may decline.
