London copper edged up on Friday but was still set for its largest weekly loss in three months as investors took profits on concerns that prices had overshot still fragile fundamentals given near record stocks in China, Reuters reported. Rising exchange stockpiles have only fanned jitters over demand, compounding the impact of souring sentiment in broader markets as talk of more layoffs and cutbacks at Europe’s major lenders dragged down global equities. “Copper prices were hit hard overnight. The strongest rise in LME copper stocks in five months and weaker US equities appear to have been the culprit,” said ANZ in a note. The second quarter is typically the strongest for demand in China, falling after the calendar and lunar new year holidays as factories manufacturing copper products like cable and wire reach peak steam before the northern hemisphere’s summer break.
