11th September 2014
Copper futures have weakened to an 11-week low in commodities trading markets today (September 11th), after it was revealed the pace of inflation in China slowed by more than anticipated in August.
According to official figures published overnight, the country's consumer prices increased by two per cent last month, slowing from 2.3 per cent growth in July. The consensus estimate was for a much smaller drop to 2.2 per cent.
The weaker-than-anticipated data reinforces concerns regarding the Chinese economy - the world's second largest - and has led to renewed speculation policymakers in Beijing will be required to introduce new stimulus measures to meet the government's 7.5 per cent growth target.
Demand for copper weakened following the publication of the figures as China is the world's largest consumer of the metal, accounting for two-fifths of global usage in 2013.
The contract for December delivery declined to $3.072 per pound - the lowest since June 20th.
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