The UK pound has continued to show weakness as trading began this morning, UK economy was at its lowest level for seven years, continues to stalk sterling into this week.Recession could be on the way in this quarter for the UK.Services activity and new orders falling at their quickest rate in seven years, the risk that this will delay investment and hiring has increased significantly.
Germany Business Sentiment Declines The latest Ifo business climate survey has revealed that confidence in the German economy has weakened, following the decision by the UK to leave the European Union, the sentiment index for July dropped to 108.3 from 108.7 that was recorded in June.
China’s Imports Are Up
In June, China imported 420,000 metric tons of unwrought copper and copper products, up 20.3% from June of last year. For the first half of the year imports increased 21% compared to the same period in 2015. The growth in imports has helped support metal prices, too. However, there are different opinions on……………. whether those imports are actual demand or just stockpiling into warehouses.The Chinese government has decided to levy anti-dumping duties on electric steel products imported from Korea, Japan, and the EU, said China’s official Xinhua news agency on July 24.
LME copper recently passed that 5,000-$ – 5,100/mt level that it has failed to overcome several times this year. LME copper to fall below USD 4,900/mt this week.The London Metal Exchange is seeing volumes fall while Japan and China spar over anti-dumping duties the latter slapped on the former for electrical steel imports.
Zinc prices , along with nickel, rallied to hit multi-month highs last week as investors hedged on continued supply disruptions.
According to a report from the Financial Times, the zinc price climbed to its highest point in 14 months to $2,275.5 per metric ton on the London Metal Exchange. zinc, which has seen its price more than 40% higher in 2016 following a number of mine shutdowns.
nickel could reach as high as $12,000 per metric ton. SMM surveyed 30 market players to find that 3 are bullish, 19 are neutral and 8 are bearish.
Oil @ 11-Week Low
On Friday, oil prices fell after industry group Baker Hughes report showed US oil rig counts climbed for a fourth straight week by 14 to 371, Libyan crude oil supplies further added to the ongoing worries of global oversupply. US Dollar also weighed on dollar-denominated commodities – like oil. Iraq’s oil exports were expected to rise in July, according to loading data and an industry source. If confirmed, it would put OPEC’s No. 2 producer back on track for supply growth after a two-month lag.
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