{"id":43461,"date":"2023-11-07T09:08:09","date_gmt":"2023-11-07T09:08:09","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/commodities\/copper-prices-rebound-despite-economic-contraction-in-europe\/"},"modified":"2023-11-07T09:08:11","modified_gmt":"2023-11-07T09:08:11","slug":"copper-prices-rebound-despite-economic-contraction-in-europe","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=43461","title":{"rendered":"Copper prices rebound despite economic contraction in Europe"},"content":{"rendered":"
\n

Copper prices saw a slight increase on Tuesday, with both the LME and SHFE 2312 copper contracts experiencing a rise in their overnight sessions. The LME copper closed up by 0.96% at $8247 per metric ton, while the SHFE 2312 copper contract rose by 0.36% to 67690 yuan per metric ton. This increase came despite a contraction in Europe’s economy, as indicated by October’s Eurozone services PMI and composite PMI, which were reported at 47.8 and 46.5 respectively.<\/p>\n

In addition to the rise in copper prices, there was a decrease in China’s copper stocks from Friday to Monday, November 6, of 3,500 metric tons to 60,200 metric tons. This is significantly lower than last year’s figure of 102,200 metric tons. The decline in stocks was accompanied by a decrease in East China’s imported copper volume and domestic copper arrival. However, local inventories in South China increased due to Guangdong’s high premium and a decrease in downstream purchasing enthusiasm.<\/p>\n

A Federal Reserve survey revealed that US credit conditions continued to tighten in Q3 but at a slower pace, with loan demand declining. This could potentially influence the Federal Reserve’s decision on interest rates at their upcoming December meeting.<\/p>\n

On Monday, copper prices remained stable due to factors such as a seasonal consumption slowdown, augmented supplies, and a weaker US dollar. The three-month copper on the LME was priced at $8,171 per metric ton, while the most-actively traded December copper contract on the SHFE dropped 0.4 percent to 67,380 yuan ($9,245.08) per ton.<\/p>\n

Despite these fluctuations, the price difference between copper cathode and scrap expanded with the rebounding copper prices, indicating a potential decline in demand for copper cathode amidst a wait-and-see market mood.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Copper prices saw a slight increase on Tuesday, with both the LME and SHFE 2312 copper contracts experiencing a rise in their overnight sessions. The LME copper closed up by 0.96% at $8247 per metric ton, while the SHFE 2312 copper contract rose by 0.36% to 67690 yuan per metric ton. This increase came despite […]<\/p>\n","protected":false},"author":1,"featured_media":43462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[34],"tags":[],"class_list":{"0":"post-43461","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commodities"},"yoast_head":"\nCopper prices rebound despite economic contraction in Europe | Prosfunds<\/title>\n<meta name=\"description\" content=\"Copper prices saw a slight increase on Tuesday, with both the LME and SHFE 2312 copper contracts experiencing a rise in their overnight sessions. The LME\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=43461\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Copper prices rebound despite economic contraction in Europe | Prosfunds\" \/>\n<meta property=\"og:description\" content=\"Copper prices saw a slight increase on Tuesday, with both the LME and SHFE 2312 copper contracts experiencing a rise in their overnight sessions. The LME\" \/>\n<meta property=\"og:url\" content=\"https:\/\/prosfunds.com\/?p=43461\" \/>\n<meta property=\"og:site_name\" content=\"Prosfunds\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-07T09:08:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-07T09:08:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/11\/LYNXNPED830SZ_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/prosfunds.com\/?p=43461#article\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/?p=43461\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\"},\"headline\":\"Copper prices rebound despite economic contraction in Europe\",\"datePublished\":\"2023-11-07T09:08:09+00:00\",\"dateModified\":\"2023-11-07T09:08:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/prosfunds.com\/?p=43461\"},\"wordCount\":308,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/prosfunds.com\/?p=43461#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/prosfunds.com\/?p=43461\",\"url\":\"https:\/\/prosfunds.com\/?p=43461\",\"name\":\"Copper prices rebound despite economic contraction in Europe | Prosfunds\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/#website\"},\"datePublished\":\"2023-11-07T09:08:09+00:00\",\"dateModified\":\"2023-11-07T09:08:11+00:00\",\"description\":\"Copper prices saw a slight increase on Tuesday, with both the LME and SHFE 2312 copper contracts experiencing a rise in their overnight sessions. The LME\",\"breadcrumb\":{\"@id\":\"https:\/\/prosfunds.com\/?p=43461#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/prosfunds.com\/?p=43461\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/prosfunds.com\/?p=43461#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/prosfunds.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Copper prices rebound despite economic contraction in Europe\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/prosfunds.com\/#website\",\"url\":\"https:\/\/prosfunds.com\/\",\"name\":\"Funding Factories\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/prosfunds.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/prosfunds.com\/#organization\",\"name\":\"Funding Factories\",\"url\":\"https:\/\/prosfunds.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"width\":780,\"height\":140,\"caption\":\"Funding Factories\"},\"image\":{\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/prosfunds.com\"],\"url\":\"https:\/\/prosfunds.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Copper prices rebound despite economic contraction in Europe | Prosfunds","description":"Copper prices saw a slight increase on Tuesday, with both the LME and SHFE 2312 copper contracts experiencing a rise in their overnight sessions. The LME","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/prosfunds.com\/?p=43461","og_locale":"en_US","og_type":"article","og_title":"Copper prices rebound despite economic contraction in Europe | Prosfunds","og_description":"Copper prices saw a slight increase on Tuesday, with both the LME and SHFE 2312 copper contracts experiencing a rise in their overnight sessions. The LME","og_url":"https:\/\/prosfunds.com\/?p=43461","og_site_name":"Prosfunds","article_published_time":"2023-11-07T09:08:09+00:00","article_modified_time":"2023-11-07T09:08:11+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/11\/LYNXNPED830SZ_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/prosfunds.com\/?p=43461#article","isPartOf":{"@id":"https:\/\/prosfunds.com\/?p=43461"},"author":{"name":"News Room","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6"},"headline":"Copper prices rebound despite economic contraction in Europe","datePublished":"2023-11-07T09:08:09+00:00","dateModified":"2023-11-07T09:08:11+00:00","mainEntityOfPage":{"@id":"https:\/\/prosfunds.com\/?p=43461"},"wordCount":308,"commentCount":0,"publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/prosfunds.com\/?p=43461#respond"]}]},{"@type":"WebPage","@id":"https:\/\/prosfunds.com\/?p=43461","url":"https:\/\/prosfunds.com\/?p=43461","name":"Copper prices rebound despite economic contraction in Europe | Prosfunds","isPartOf":{"@id":"https:\/\/prosfunds.com\/#website"},"datePublished":"2023-11-07T09:08:09+00:00","dateModified":"2023-11-07T09:08:11+00:00","description":"Copper prices saw a slight increase on Tuesday, with both the LME and SHFE 2312 copper contracts experiencing a rise in their overnight sessions. The LME","breadcrumb":{"@id":"https:\/\/prosfunds.com\/?p=43461#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/prosfunds.com\/?p=43461"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/prosfunds.com\/?p=43461#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/prosfunds.com\/"},{"@type":"ListItem","position":2,"name":"Copper prices rebound despite economic contraction in Europe"}]},{"@type":"WebSite","@id":"https:\/\/prosfunds.com\/#website","url":"https:\/\/prosfunds.com\/","name":"Funding Factories","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/prosfunds.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/prosfunds.com\/#organization","name":"Funding Factories","url":"https:\/\/prosfunds.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","width":780,"height":140,"caption":"Funding Factories"},"image":{"@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","caption":"News Room"},"sameAs":["https:\/\/prosfunds.com"],"url":"https:\/\/prosfunds.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/43461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43461"}],"version-history":[{"count":1,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/43461\/revisions"}],"predecessor-version":[{"id":43463,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/43461\/revisions\/43463"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/media\/43462"}],"wp:attachment":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}