Monday, June 5, 2023

Copper falls below $8,000 a tonne for the first time since November

by Polina Davitt

LONDON (Reuters) – Copper prices fell below $8,000 a tonne on Wednesday for the first time since Nov. 29, deepening this week’s declines on weak Chinese demand and concerns about global economic growth, with analysts forecasting more losses in the coming days. I expected to weigh in.

Benchmark three-month copper on the London Metal Exchange (LME) fell 2.6% to $7,890.5 a tonne by 1626 GMT, hitting a six-month low of $7,867.

* Copper hit a seven-month high of $9,550.50 in January after China lifted COVID-19 restrictions, but the metal has fallen.

* “Copper has lost all of its 2023 gains due to weaker-than-expected Chinese demand, which is typically a peak construction season, and rising interest rates in the US and Europe, with pressures on economic growth ,” said Eva Manthe, an ING analyst.

* “Hopes for greater demand from China have been dashed with disappointing recent data from China, underlining a mixed picture for the world’s biggest copper consumer.”

* Rising inventories at LME-listed warehouses pushed the spot contract discount against three-month copper to $66 a tonne, the highest since the early 1990s.

* Aluminum fell 0.7% to $2,212 a tonne on the LME, hitting its lowest since October 31 at $2,190.

* Among other metals, nickel fell 1.6% to $20,710 after touching $20,700, its lowest since Sept. 5; Zinc fell 2.9% to $2,303, its lowest since October 2020 after hitting $2,295.5; Lead fell 1.1% to $2,050.5 and tin fell 1.1% to $24,050.

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* To view Base Metal Futures prices:

– copper

– lead

– tin

– Out

– aluminum

– Zinc

(Reporting by Polina DeWitt; Additional reporting by Sia Liu and Dominic Patton; Spanish editing by Ricardo Figueroa)

World Nation News Desk
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