Base metals remain lower on firm dollar, Chinese demand concerns

摘要

The base metals pack traded mostly lower during the week as the euro softened against the dollar and concerns about the pace and the extent of the economic slowdown in the world's biggest consumer, China. The industrial metal copper edged lower on Friday on LME and dropped $22 to $8,543 a tonne on Friday (March 17). However LME copper has risen more than 12 per cent so far this year, benefitting, like other risk assets, from increased liquidity across markets as central banks around the world ease credit curbs to spur economic growth. Copper's price gain comes despite a shaky outlook for demand from top consumer China. Premier Wen Jiabao said recently that China must embrace slower growth and bolder political reform to keep its economy from faltering, and also dampened hopes for any near-term relaxation of curbs in the property sector. Aurubis, Europe's biggest copper producer, is confident of strong copper demand from China this year despite forecasts of slower growth in the country.