A move below $5,700/t was near before base metals were able to recover. There are still troubles on the horizon for the red metal as auto sales in China are expected to plummet, ANZ Research informs.
“Copper threatened to break below USD5,700/t before buying returned, pushing the red metal back above USD5,800/t.”
“The data doesn’t seem to be getting any better. The Passenger Car Association said that auto sales in China fell 22% to 1.71m units in January. It also predicts a 30% fall in February and a 5% fall for the full year.”