Copper Updates, Latest News, Copper Forecast

Copper futures fell in the domestic market on Monday as downbeat Chinese non-manufacturing data and fresh housing curbs darkened the economic outlook for the world’s biggest metals consuming nation, dimming the demand prospects for the base metal.

The gauge measuring services in China stood at 54.5 last month, the lowest level in five months, down from 56.2 in January 2013, with a reading above 50 signaling expansion, signaling a slowdown in the world’s second biggest economy.

Further, Chinese officials are stepping up property tightening in a bid to curb soaring home prices and cool down the nation’s real estate market. Chinese officials tightened mortgage rules to curb home prices as the State Council called for higher down-payments and interest rates for second-home mortgages, dampening the demand outlook for copper, which is widely used in construction activities. [Via]

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