BEIJING- Prices of most base metals lost ground on Wednesday, as dismal data from the world’s major economies heightened fears of a global recession, dampening the outlook for metals demand.
Three-month copper on the London Metal Exchange was down 0.6 percent at $8,074.50 a ton, while the most-traded September copper contract on the Shanghai Futures Exchange rose 0.5 percent to 63,140 yuan ($9,214.42) a ton.
Prices of copper, often used as an indicator of global economic health, have recouped 16 percent from a 20-month low touched in mid-July, but are down 17 percent so far this year.
US private-sector business activity contracted for a second straight month in August to its weakest level in 27 months.
August also saw business activity in the euro zone contract for a second consecutive month, as consumers cut spending due to the cost-of-living crisis, while supply constraints also hurt manufacturers, a survey showed.
China, the world’s top metal producer and consumer, grapples with an economy hobbled by COVID-19 and property crisis. It cut its benchmark lending rate and has moved to support its property market. – Reuters