World Economy
0

Copper Slips

Copper SlipsCopper Slips

Copper prices slipped on Monday as funds sold, but losses were limited by expectations of firmer demand in top consumer China after data showed improving factory activity, Reuters reported. Benchmark copper on the London Metal Exchange was untraded in official rings, but bid down 0.7% at $4,827 a ton. The metal used in power and construction hit $4,889 on Friday, its highest since Aug. 3. Traders said a move higher in September when copper rose 5.4%, its biggest monthly gain since Feb. 2015, was driven by funds betting on higher prices. But a failure to break above $4,900 triggered the sell-off as New York opened on Monday.

 

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com