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Business

October 20, 2016

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Copper steadies

Copper steadies

Melbourne

London copper was steady on Wednesday after China´s economic growth met expectations in the third quarter, but an impending slowdown in real estate growth painted a mixed outlook for copper demand.

China´s economy grew 6.7 percent in the third quarter from a year earlier,
steady from the previous quarter, as increased government spending and a property boom offset stubbornly weak exports.

Industrial output and real estate investment growth, bellwethers of metals demand, beat expectations, although cities´ measures to restrict home sales mean the demand growth may cool in the months ahead.

China´s new construction starts in September, measured by floor area, were down 19.4 percent from a year ago, Reuters calculations showed, a sharp deceleration from 3.3 percent in August.

 

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