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Chinese copper demand is showing signs of weakness, says Societe Generale.
China has “slashed” the volume of public-housing construction by 20% for 2012, while a high-speed rail accident has stalled expansion activity in that sector.
“There are clear signs that Chinese consumption is slowing,” says SocGen.
China is the leading consumer of copper, a metal widely used in construction and manufacturing because it easily conducts electricity.
Fear of a copper-demand slowdown has pressured copper prices mightily of late.
Comex December copper is down 1.5% today at $3.1025 per pound.
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The U.S. Senate voted to move ahead with a bill that would punish China for keeping the value of its currency low, drawing a harsh response from Beijing, which said the measure would severely hurt trade ties.
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