Copper falls, set to snap six-week win streak on demand concerns
SINGAPORE: Copper declined on Friday and was set to snap its longest run of weekly gains since 2020, as it and the wider industrial metals complex were weighed down by concerns about demand prospects. Benchmark three-month copper on the London Metal Exchange was down 0.56% at $14,069 a metric ton by 0300 GMT. The metal is set to end the week near where it started, after a run of six consecutive…
Copper prices fell on Friday, on track to end a six-week winning streak, according to a report from wire services. The decline in the metal was attributed to concerns about demand prospects, even as inflationary pressures have eased and fears of interest rate hikes have diminished. As of 0300 GMT, benchmark three-month copper on the London Metal Exchange was trading at $14,069 per metric ton, down 0.56%.
The metal was poised to conclude the week near its opening price, after a run of six consecutive weekly gains. Similarly, the most-traded copper contract on the Shanghai Futures Exchange dipped 0.33% to 107,460 yuan ($15,935.82) per ton. Analyst Andy Farida from Fastmarkets expressed skepticism about the metal's ability to maintain its strong momentum, citing a rapid acceleration in asset prices and subdued wage growth.
The easing of US inflation concerns and the reduced likelihood of a Federal Reserve rate hike next month may have contributed to the metal's decline, as growth-dependent industrial metals like copper are sensitive to economic activity. Aluminium prices on the LME fell 0.98% to end the week 1.42% down, while the SHFE saw a 1.28% drop, or 0.64%.
Other industrial metals, including zinc, lead, nickel, and tin, also experienced losses on both exchanges.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
