Base Metals Preview: Stays Battered As China GDP Slows

15 Jul 2022 , 09:01 AM

Copper prices continue to stay battered as leading consumer Chinas economic growth hit a two-year low in the second quarter, official data showed Friday. The Chinese economy shrank by a seasonally adjusted 2.6% on quarter in the three months to June 2022, compared with market estimates of 1.5% drop and after an upwardly revised 1.4% growth in the previous quarter. This was the first quarterly contraction since the first quarter of 2020, amid widespread COVID-19 outbreaks and strict restrictions. Asian stocks are trading tepid in early morning session today. Wall Street also continued to remain under pressure, after US inflation surged to record 41-year high. COMEX copper futures are down 1.66% at $3.17 per pound, a fresh 20-month low. Powered by Commodity Insights