[Click here for an interactive chart of copper prices]
“Chinese data was disappointing, suggesting a bigger hit than expected from covid-19 restrictions,” a metals trader said, adding that a higher dollar had also triggered fund selling.
“But there is a positive – interest rate cuts from the PBOC (People’s Bank of China).”
China’s economy unexpectedly slowed in July, with growth in industrial output, fixed-asset investment, total social financing, and new yuan loans slowing.
Meanwhile, Chinese property developers sharply cut investment in July, while new construction starts suffered their biggest fall in nearly a decade.
However, China’s central bank unexpectedly cut key interest rates for the second time this year on Monday in an attempt to revive credit demand to support growth.
(With files from Reuters)
This post has been syndicated from a third-party source. View the original article here.