Copper price retreated on Wednesday on worries of more central bank rate hikes that could curb economic activity and sluggish demand in China. China mining
US business activity unexpectedly rebounded to an eight-month high in February, data showed on Tuesday, suggesting the Fed would have to tighten monetary policy more to dampen inflation.“People are also waiting for more visible signs of a demand recovery in China. At the moment, the purchases are mostly on a hand-to-mouth basis,” said Amelia Xiao Fu, head of commodity market strategy at Bank of China International.
China’s total copper consumption would rise around 3.5% in 2023 to 14.6 million tonnes, according to Rosealea Yao, an analyst at consultancy Gavekal Dragonomics.
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