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Chinese Copper Demand Indicators Continue to Drift Lower

Lackluster Chinese Data Pushes Copper, Freeport-McMoRan Lower

(Continued from Prior Part)

Chinese copper demand indicators

Previously in this series, we looked at China’s September manufacturing PMI (purchasing managers’ index). Now, we’ll explore the indicators of Chinese real estate and automotive sector. These two sectors are among the major copper end users in China (GXC).

Vehicle sales continue to slide

China’s passenger car sales fell 3.39% year-over-year (or YoY) in August. This marks the third consecutive month where China’s passenger car sales have registered a YoY decline. In the first eight months, passenger car sales have risen at a dismal 2.5% as compared to the previous year.

The slowdown in China’s car demand would lead...