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Sunday December 22, 2024

Copper slips

By Reuters
August 30, 2018

Singapor : London copper prices drifted down on Wednesday, pressured by a recovery in the dollar from a four-week low and worries over softer demand from top consumer China.

Three-month copper on the London Metal Exchange was down 0.3 percent at $6,130 a tonne by 0237 GMT, retreating from a two-week peak of $6,167 reached on Tuesday.

On the Shanghai Futures Exchange, the most-traded October copper rose 0.7 percent to 48,990 yuan ($7,127) a tonne, tracking overnight gains in London.

Data released earlier this month showed signs of further cooling in China´s economy, with investment growth slowing to a record low.

"It´s a bit difficult for copper prices to go up because the whole sentiment is weak especially about the demand outlook for China," said Helen Lau, analyst at Argonaut Securities.