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MTECHTIPS:-Copper falls to 1-week low after China GDP data

MTECHTIPS:-Copper falls to 1-week low after China GDP data

Copper futures were under pressure on Monday, after data showed that China’s economy grew at its slowest pace since the global financial crisis in the third quarter. Copper for December delivery on the Comex division of the New York Mercantile Exchange hit an intraday low of $2.380 a pound, the weakest level since September 9, before trading at $2.392 during morning hours in London, down 1.1 cents, or 0.47%. On Friday, prices slumped 1.9 cents, or 0.8%. Official data released earlier showed that China’s economy grew 6.9% in the third quarter, slightly better than forecasts of a 6.8% rise but down from growth of 7.0% in the previous three months. A separate report showed that industrial production rose by an annualized rate of 5.7% in September, below expectations for a 6.0% increase and following a gain of 6.1% in the preceding month. Data on fixed asset investment also missed forecasts, reinforcing views that Beijing will roll out further support measures soon for the world’s second largest economy. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption. Elsewhere in metals trading, gold futures for December delivery slumped $11.10, or 0.94%, to trade at $1,172.50 an ounce. Gold rallied to $1,191.70 last Thursday, the most since June 22, amid speculation the Federal Reserve would not raise rates until sometime next year, with weak economic reports feeding that view.

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