COPPER : Trading fell to below $3.5 per pound, retreating from the six-week high of $3.6 hit on October 26 amid prolonged recession fears and expectations of low demand for industrial inputs.
Fresh data showed that industrial profits in top consumer China fell 2.3% annually in the first three quarters of the year due to Covid lockdowns, power shortages, and an unstable property sector in the country.
Still, looming supply concerns supported prices enough for copper trading prices to rise for a third straight week.
Commodity trader Trafigura warned that global copper stocks have fallen to record lows, with current inventories enough to supply world consumption for just 4.9 days.
Freeport-McMoran was also vocal about shortage risks, stating that the current low prices do not reflect the tightness in the physical market.
Also internationally Steel sector rebar fell past CNY 3,550 per tonne in the fourth week of October, the lowest since June of 2020, amid signs of increasingly low demand for industrial and construction input materials. Fresh data showed that shipments from the world’s two top exporters Australia and Brazil, have slowed by 20% and 11%, respectfully, since the start of the month.
While in Pakistan Exports of copper was US$815.89 Million during 2021, according to the United Nations COMTRADE database on international trade.
Pakistan Exports of copper – data, historical chart and statistics – was last updated on October of 2022.