CHINESE WORRIES SUBDUE METALS
Crash in copper shakes miners
Analysts warn the reduction in the copper price is due to renewed jitters about the Chinese economy
Despite optimism expressed about a developing commodities bull market, global miners received a severe jolt on Friday from a retreating copper price. Copper shed more than 3% on Thursday, dragging the JSE’s big miners down. The resources index slid 3.08%, with Anglo American losing 5.24% to R202.10. BHP Billiton retreated 4.44% to R212 and Glencore tumbled 5.94% to R51.90. Tin was down 2.8% and zinc lost 2.6%. Aluminium shed 1%. Analysts said the reduction in the copper price was due to renewed jitters about the Chinese economy, with concern expressed about an overheated property sector. At the same time, officials in US President Donald Trump’s administration indicated plans for infrastructure spending had been extended to the end of the year. "There have also been significant disruptions to the supply of some primary commodities," said Andy Pfaff, the head of commodities at MiltonOptimal. The world’s two largest copper mines, in Chile and Indonesia, had ceased production due to wa...
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