Copper rebounded from its lowest in almost three months as investors weighed the extent of China’s property woes.
The metal rose as much as 1.6% on Thursday after earlier touching the lowest since June 1. Traders are taking cues from other markets, particularly iron ore which surged on doubts about the extent of Chinese steel output curbs.
Still, sentiment around the world’s top metals consumer remains bleak amid ongoing woes in its critical property sector. A gauge of key London Metal Exchange contracts is now at the lowest since May after coming under pressure this month from a deteriorating demand outlook and surging inventories. “The outlook for industrial metals demand has deteriorated alongside the weakening of China’s economy this year, particularly in the property sector,” Capital Economics said in an emailed note. “Monetary and fiscal stimulus might paper over the cracks, but we doubt it will be enough to do much more than place a floor under prices over the rest of the year.”
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