London copper slipped for a second day on Wednesday after a warning by Federal Reserve Chairman Ben Bernanke renewed worries about the US budget crisis, and as traders moved to the sidelines ahead of global manufacturing data due out this week.
Prices, however, are likely to get support from hopes that demand may improve from top copper consumer China amid signs that an economic recovery is taking hold.
“Over the next four months China’s economy is looking better than it was four months ago,” said Matt Fusarelli, an analyst at Australia-based consultancy AME Group.
“It’s unlikely we would see Chinese PMI fall back below 50 going forward into November, December and January, ahead of the Lunar New year,” he added.
China’s industrial output, exports and retail sales were all better than expected in October, while inflation eased more than expected.
Traders, however, were waiting for more manufacturing data from China, Europe and the United States to provide a clearer picture of global growth and metals demand into next year.
China’s HSBC flash PMI for November is due to be released on Thursday, the same day as European data. US manufacturing figures are also due later on Wednesday.
Three-month copper on the London Metal Exchange eased 1.14 percent to $7,694 a tonne by 0702 GMT.
The most-traded February copper contract…
Copper slips on US fiscal cliff fears
Thai Mango growers complain of low prices and fewer exports
Because of the global COVID-19 pandemic, their mangoes are not being exported, due to fewer buyers, and their prices have plunged to between 10 and 20 baht per kilogram, depending on size.
Mango orchard owners in Thailand’s northern province of Phitsanuloke are seeking help from the provincial administration to promote the sale of their sweet fruit, particularly Barracuda Mango variety.(more…)
Covid-19 and food security: can emerging economies mitigate rising prices?
The Food Price Index, established by the UN’s Food and Agriculture Organisation (FAO) to track monthly changes in international food prices, rose for the eighth consecutive month in January, primarily as a result of Covid-19.
An increase in food prices following the coronavirus pandemic has intensified concerns related to global food security. For emerging markets, this has further underlined the importance of regional cooperation and innovative solutions to help overcome the challenges.(more…)
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