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Base metal prices under pressure: Sushil Finance
Source: IRIS | 23 Sep, 2014, 10.13AM
Rating: NAN / 5 stars.
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Sushil Finance expects base metal prices to trade mostly on the negative note as higher supplies, weak Chinese economy and strong dollar are likely to keep prices under pressure. Copper skidded to a three-month low on Monday, weighed by demand concerns ahead of manufacturing data from top consumer China that is likely to show stalling factory growth in the world's second-largest economy.

Ahead of Tuesday's flash HSBC/Markit manufacturing Purchasing Managers' Index (PMI), a Reuters poll showed growth in China's large factory sector probably stalled in September, adding to worries the economy could be at risk of a sharper slowdown unless Beijing rolls out more stimulus measures.

China is the world's largest copper consumer, accounting for around 40% of global refined demand. China's Finance Minister Lou Jiwei said on Sunday the country would not dramatically alter its economic policy because of any one economic indicator. The remarks came days after many economists lowered growth forecasts having seen the latest set of weak data.

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