Copper prices still on the lows with weak demand in China

In the early Asian session, copper (Symbol: Copper-C) prices consolidate at lows with slight uptick in smaller timeframes. While production remains high in China, demand is still weak. The official manufacturing PMI for China suggested a contraction in activity, which further dampened copper demand. The continued high production levels in China coupled with weak demand suggest a possible surplus in supply, which could keep prices suppressed. Further, the contraction in the manufacturing PMI in China is a concerning indicator that could signal broader economic slowdowns, impacting copper demand negatively.

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