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On June 9th, ahead of the upcoming second and third quarter inspections, a working symposium for the heads of the Central Safety Production Assessment and Inspection Teams was held in Beijing on June 8th. The meeting emphasized that during these inspections, the Central Safety Production Assessment and Inspection Teams should go directly to the sites and conduct thorough investigations. Any typical and significant accident hazards discovered in key industries such as mining, chemicals, fireworks and firecrackers, construction, fire safety, industry and trade, and special equipment should be transferred to provincial Party committees and governments, urging local authorities to organize verification and rectification, investigate accountability, and deal with the issues seriously. Special inspections on regulatory and enforcement issues should be carried out, adhering to the principle of integrated investigation and rectification, and severely punishing illegal and fraudulent activities related to safety production, as well as prominent problems such as corruption in the safety production field.The yield on Japans 40-year government bonds fell 4 basis points to 3.760%.Hong Kong stocks two major model stocks fluctuated and declined, with MINIMAX-W (00100.HK) and Zhipu (02513.HK) both falling by more than 6%.June 9 - According to the website of the China Maritime Safety Administration, the Beihai Maritime Safety Administration issued a navigation warning that military training will be conducted in parts of the Beibu Gulf from 8:00 to 15:00 daily from June 10 to 12, and vessels are prohibited from entering these areas.Germanys seasonally adjusted industrial production rose 0.4% month-on-month in April, the largest increase since October 2025.

Copper exhibits a five-day downward trend as economic worries supplant China's production decline

Daniel Rogers

Sep 01, 2022 15:26

 截屏2022-06-16 下午3.13.52_1024x576.png

 

Copper price is on the bears' radar as it falls for the fifth straight day and remains under pressure near the one-month low heading into the European session on Thursday. The latest weakening in the red metal may be attributable to negative data from the world's leading producers as well as coronavirus in the world's largest metal consumer, China. In doing so, the quotation disregards a decline in output at one of the commodity's primary producers, Chile.

 

Copper futures on the COMEX declined more than 1.0% to $3.4790 at the time of publication, while depicting the movements. Reuters reported that as of 02:13 GMT, a three-month copper contract on the London Metal Exchange (LME) was down 0.8% to $7,742.50 a tonne, extending losses from the previous session. The metal contract for October on the Shanghai Futures Exchange falls about 1.6%.

 

However, China's Caixin Manufacturing PMI had the lowest readings in three months, indicating a contraction in activity, with a figure of 49.5, compared to 50.2 expected and 50.4 previously. In doing so, the private manufacturing indicator mirrors the official NBS PMI and reveals the bleak conditions at the largest industrial actor on the planet. On the same line, the US ADP Employment Change increased by 132K, compared to 288K anticipated and 270K previously.

 

Recent market sentiment appears to be weighed down by rumors of another ship obstructing the Suez Canal prior to the recent refloat, pessimism over China's covid conditions, and disputes with the United States over Taiwan. Recently, Taiwan's president, Tsai Ing-Wen, stated Taiwan's desire to strengthen its chip sector partnership with the United States.

 

Elsewhere, hawkish Fed wagers add to the industrial metal's load. According to the CME's FedWatch Tool, the probability of a September rate hike of 75 basis points has increased to 74.0% from 73.0% yesterday.

 

Alternately, forthcoming details of China's stimulus and an 8.6% YoY decline in the output of the world's largest copper producer, Chile, during the month of July appear to challenge copper bears.

 

While market anxieties and expectations of a decline in demand and a stronger US dollar are bearish for metal prices, headlines around the ISM Manufacturing PMI for August, which is predicted to be 52.8 versus 52.0 before, could delight traders ahead of Friday's US Nonfarm Payrolls report (NFP).


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