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Copper Prices Dip on Indonesian Supply News, Supported by Chinese Data
Jul. 25, 2014 09:48AM PST
Base Metals Investing
Reuters reported today that copper prices slipped slightly on news that Freeport-McMoRan Inc. (NYSE:FCX) had signed a deal with the Indonesian government. Prices were still supported by strong economic data from China, according to Reuters.
Reuters reported today that copper prices slipped slightly on news that Freeport-McMoRan Inc. (NYSE:FCX) had signed a deal with the Indonesian government. Prices were still supported by strong economic data from China, according to Reuters.
As quoted in the publication:
Benchmark London Metal Exchange copper dipped after news that supply could improve with Indonesia potentially exempting some shipments of concentrate from its export ban. Copper hit an intraday high of $7,198.25 per tonne, not far from a 4-1/2 month high of $7,212 hit in early July, before trading at $7,132 a tonne at 1418 GMT, down 0.4 percent.
Vivienne Lloyd, base metals analyst at Macquarie, said:
We had a good day yesterday on the back of Chinese PMI data, which boosted all the base metals. Today is about consolidating gains for copper.
