Copper price rose on Monday despite expectations of weakening demand reinforced by manufacturing data from around the world, a strong dollar, and rising inventories in warehouses approved by the London Metal Exchange.
“It’s clear we will have lower demand and potentially lower prices into the latter part of this year,” said Bank of America analyst Michael Widmer.
Chinese factory activity contracted at a sharper pace in September as strict covid-19 lockdowns disrupted production and hit demand for Chinese goods. “The European winter will be another key inflection point,” said Edward Meir, an analyst at ED&F Man Capital Markets.
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