China’s Copper Industry Is Struggling When It Should Be Booming

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(Bloomberg) -- Copper demand in the world’s biggest user of the metal is slowing down at a time of the year when it usually picks up.Most Read from BloombergHow Auto Executives Misread the UAW Ahead of Historic StrikeVegas’ Newest Resort Is a $3.7 Billion Palace, 23 Years in the MakingDebris Spotted in Search for Missing US F-35 Fighter JetXi’s Missing Defense Chief Opens Door for US Military TalksTrillion-Dollar Industry Powering Chicago at Risk of LeavingThe copper market, traditionally a bell

The copper market, traditionally a bellwether of economic health, is finding some support from the energy transition and Beijing’s efforts to revitalize growth. But buyers lack conviction and the view from the factory floor remains cautious as margins are suppressed and profits wither.

Copper’s widespread applications offer a comprehensive view on the landscape faced by policymakers as they bid to restore China’s economic fortunes, while at the same time pivoting the economy from investment to consumption-led growth and hastening the transition away from fossil fuels. But the outlook for the second half is less promising. Demand growth could fade to 3.9% as China’s solar expansion slows and households scale back on purchases, said Ji Xianfei, an analyst with Guotai Junan Futures Co.

There aren’t any engines to replace the property sector and renewable energy still isn’t big enough to make a dramatic difference, he said.

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