Author: Paul Ploumis
28 Oct 2014 Last updated at 07:55:11 GMT
BEIJING (Scrap Monster): In the Shanghai Futures exchange, noted that, rate of copper rose to 44.14 dollars with a 0.52 percent increase in the metal, and the exchange closed at about, 47,390 yuan per tonne for the copper metal.
At the London Metal Exchange, the copper closed in a 0.05 percent decline, with a three month low on the ratings falling to 6,645 dollars per tonne. There has been a rise in the ratings for the day to 0.22 percent, and for the week the hike has been noted to be 0.83 percent.
The domestic price of copper has been hiking up, fortunately, as the production around the country has been increasing lately, increasing the price. The Purchasing Manager’s Index for copper has increased from copper first time in weeks to 50.4 percent for copper, for the month September.
The decline in the economy of the domestic construction industry, is making the investors more concerned over the weakening demand of the copper, in the upcoming months. The industry is also facing an acute problem of nearing supply glut. The production of refined copper in China, hiked to about 5 percent, to a new height.