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The copper price on the London Metal Exchange was down to $6,543.50 a tonne on Wednesday- its lowest level since Oct. 20, according to Reuters.
The copper price on the London Metal Exchange was down to $6,543.50 a tonne on Wednesday- its lowest level since Oct. 20, according to Reuters. This was attributed to slower growth in Europe and China, weakening oil prices, and, just like with gold and silver, a strengthening U.S. dollar.
Caroline Bain, senior commodities economist at Capital Economics, spoke to Reuters about the future of dollar-priced metals.
“There’s more downside this quarter,” she said. “Market sentiment is negative, but we think it will correct (next year). The market is pricing in too much extra supply … mine supply seems to eternally disappoint. On the demand side, we expect usage by the state grid in China to pick up.”
Copper for December delivery also fell to a low of $2.965 a pound on the Comex division of the New York Mercantile Exchange, according to Nasdaq.
