(Reference image from archives).
The copper price fell on Thursday as traders and investors were cautious ahead of a key meeting in China that will set the economic agenda in the country.
Copper for delivery in May on the Comex market in New York touched $4.07 per pound ($8,954 per tonne), down 2.1% compared to Wednesday’s closing.
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Market participants are eyeing China’s annual parliament gathering later this week, looking for clues of any stimulus measures to boost its economic growth and metals demand.
China is expected to set its GDP growth rate target at 5.5%-6% this year at its annual parliament meeting that opens on March 5, Iris Pang, chief economist, Greater China at ING said in a note.
ING expects infrastructure investment to be the second major growth engine for China in 2023, after consumption.
Thursday’s falls in metals prices followed a jump in the previous session, boosted by better-than-expected manufacturing activity from China that expanded at the fastest pace in more than a decade in February.
(With files from Bloomberg and Reuters)