RE: Gold8 Nov 2021 21:48
Copper bouncing off the low support level as well Mojolse https://tradingeconomics.com/commodity/copper as well
The following comment doesn't make sense at all from the site as Chinese exports are still rocketing. The only issue is domestic and not global from Chinas point of view the world still wants their stuff.
Copper futures consolidated around $4.4 per pound at the beginning of November, almost 8% below a five-month high of $4.76 hit on October 20th, as a spike in LME copper spreads was partly offset by lingering concerns about the US Fed unwinding stimulus and growth woes in China. The spread between December and November futures peaked at $275 per metric ton on November 1st before easing to $160/mt, as the outlook for demand worsens while present inventories remained near a multi-decade low hit last month, pointing to a steeper backwardation in the futures curve. On the other hand, China’s manufacturing sector unexpectedly slowed in October, contracting for the second month in a row, and mounting debt risks in the property sector triggered jitters about the health of the world’s 2nd largest economy.