GREY:NEVDQ - Post by User
Post by
bogfiton May 02, 2021 12:19pm
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Post# 33110722
"Copper’s surge toward a record high
"Copper’s surge toward a record high is starting to cause stress for industrial consumers in China, the world’s largest market for the metal. Some Chinese manufacturers of electric wire have idled units and delayed deliveries or even defaulted on bank loans, according to a survey by the Shanghai Metals Market. End-users such as power grids and property developers have also been pushing back delivery times, while producers of copper rods and pipes saw orders slump this week, said the researcher.
“Electric wire producers are being hit the most, with smaller plants keeping run rates low as the spike is seen slowing the pace of investment by power grids.”
A gauge of China’s manufacturing industry slipped in April and the services sector also weakened, suggesting the economy is still recovering but at a slower pace. To be sure, analysts at banks including Goldman Sachs Group Inc. are predicting further gains for the metal as the global economy picks up pace.
https://www.mining.com/chile-output-falls-for-10th-consecutive-adding-fuel-to-copper-price-rally/
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