Copper ticks up, set for second straight weekly drop on demand worries

摘要

London copper ticked higher on Friday on signs of progress towards a trade deal between the world’s two largest economies, but was set to post a weekly decline on concerns over Chinese demand. CNBC reported that trade talks between the United States and China were scheduled for Oct. 10-11 in Washington, citing people familiar with the arrangements, while a senior Chinese diplomat said Beijing was willing to buy more U.S. products. However, concerns over slowing growth in the world’s top metals consumer, China, put copper on track for a fall of 1.1% this week, after a 3% decline last week. “At the current pace, our (global) demand growth estimates of 1.3% for 2019 and 2020 are at risk,” UBS said of copper in a note on base metals. “The modest build-up in copper exchange inventories of about 150,000 tonne this year reflects unplanned smelter shutdowns, facilitated by low treatment charges,” it added, forecasting a slightly more than 2% increase in refined copper supply in 2020.