{"id":348387,"date":"2024-07-20T08:31:39","date_gmt":"2024-07-20T03:01:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=348387"},"modified":"2024-07-20T08:31:39","modified_gmt":"2024-07-20T03:01:39","slug":"no-political-impetus-and-high-supply-from-china-weigh-on-copper-price-commerzbank-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/no-political-impetus-and-high-supply-from-china-weigh-on-copper-price-commerzbank-crypto-news\/","title":{"rendered":"No political impetus and high supply from China weigh on Copper price \u2013 Commerzbank &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>Base metal prices remained under pressure this week: the Copper price slipped below $9,400 per ton yesterday. After all, market participants had to face some price-dampening <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/news\" data-fxs-autoanchor=\"\">news<\/a>, Commerzbank\u2019s commodity strategist Carsten Fritsch notes.<\/p>\n<h2 class=\"fxs_headline_medium\">Copper stocks continue to rise<\/h2>\n<p>\u201cThe communiqu\u00e9 following the Third Plenum of the Communist Party in China was generally considered as vague. Some interpreted the emphasis on high-quality and innovative growth as a willingness to accept a slower pace of growth. Essentially, this indicates a continuation of the previous guidelines and there were no major surprises.\u201d<\/p>\n<p>\u201cAccording to China&#8217;s National Bureau of Statistics, refined Copper production rose slightly again in June and was therefore 3.6% higher than the previous year. This means that the correction, in the course of which Copper production had declined somewhat following the strong growth <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/rates\" data-fxs-autoanchor=\"\">rates<\/a> before, did not continue.\u201d<\/p>\n<p>\u201cChina&#8217;s customs authority reported record-high exports of unwrought Copper and Copper products for the second month in a row in June. This indicates weak domestic demand. Copper <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/markets\/equities\" data-fxs-autoanchor=\"\">stocks<\/a> continue to rise: almost 230 thousand tons are now registered at the LME, 120% more than in May. Although Copper stocks on the Shanghai Future Exchange are no longer rising, they remain at a high level.\u201d<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Base metal prices remained under pressure this week: the Copper price slipped below $9,400 per ton yesterday. After all, market participants had to face some price-dampening news, Commerzbank\u2019s commodity strategist Carsten Fritsch notes. Copper stocks continue to rise \u201cThe communiqu\u00e9 following the Third Plenum of the Communist Party in China was generally considered as vague. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":12935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[299,201,248,251,246,351,1584,257,255,250,350,252,247,253,249,256,254],"class_list":["post-348387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-banks","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-commodities","tag-copper","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-metals","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/348387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=348387"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/348387\/revisions"}],"predecessor-version":[{"id":348390,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/348387\/revisions\/348390"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/12935"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=348387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=348387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=348387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}