Copper price rises on signs of US inflation turning the corner. mining inflation
The country’s official inflation rate cooled to 7.7%, down from 8.2% in August and below the 7.9% increase that economists were expecting.
“In the absence of any changes in the micro or macro, should see a continued chop sideways,” said Marex analyst Zenon Ho, adding that uncertainty remained for the market amid global conflicts and the US mid-term elections. Meanwhile, Chinese province Henan approved 26.2 billion yuan to support financing for troubled real estate projects and to ensure timely deliveries of presold homes, the National Business DailyHowever, weak economic data from China and rising coronavirus cases in the world’s largest metals consumer continued to dampen risk sentiment.
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