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’s commodity strategist Carsten Fritsch notes.

Copper stocks continue to rise

“The communiqué 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.”

“According to China'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 rates before, did not continue.”