Copper Posts Longest Losing Streak Since 2014 on Glut Concerns
- Production seen outpacing demand by 105,000 mt in July: ICSG
- Chinese producers are not sticking to output cuts: BGC
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Copper futures had an eighth straight decline, the longest losing streak since 2014, amid persistent signs of oversupply in the market.
Production of the refined metal outpaced consumption by 105,000 metric tons in July, the International Copper Study Group said in a statement Thursday. That’s a swing from a deficit of 60,000 tons a month earlier. Output in China will rise to 9.8 million metric tons by 2020, from 7.96 million in 2015, the Ministry of Industry and Information Technology said Wednesday.