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Copper prices in China lowered after four-week high due to manufacturing slowdown
The downfall of activity at China’s facilities led to a decline in copper prices after it had reached record levels in April. It illustrates the impact of trade tensions between the US and China.
Over the past few weeks, the cost of the red metal reached the maximum values, due to the increase in the key supply premium and the reduction of inventories in China. As Bloomberg notes, it was influenced by a shortage of scrap, a surge in demand from the country's renewable energy sector, and the effects of hasty shipments of metal to the United States.
During morning trades, copper fell 0.6% below $9,420 per ton. At the same time, the Chinese Manufacturing PMI fell to 49, down from 50.5 in March.
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