LONDON: Copper prices broke below $8,000 a tonne for the first time since Nov. 29 on Wednesday, extending this week’s decline on subdued Chinese demand and concern over global economic growth that analysts expect to weigh on prices in the coming days.
Benchmark three-month copper on the London Metal Exchange (LME) fell 2.6% to $7,890.5 a tonne by 1626 GMT after dropping to its lowest in nearly six months at $7,867.
Copper hit a seven-month high of $9,550.50 in January after China removed its COVID curbs, but prices for the metal used in power and construction have since retreated.
“Rising LME inventories increased the discount on the cash contract against three-month copper to $66 a tonne, its widest since early 1990s. Among other metals, LME aluminium fell 0.7% to $2,212 a tonne after hitting its lowest since Oct. 31 at $2,190. Nickel lost 1.6% at $20,710 after touching $20,700 for its lowest since Sept. 2 while zinc was down 2.9% at $2,303 after sliding to $2,295.5, its weakest since October 2020. Lead, meanwhile, retreated by 1.1% to $2,050.5 and tin lost 1.1% to $24,050.
Source: Brecorder
