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Copper prices were down on Friday on the back of concerns over an economic slowdown in China, the Wall Street Journal reported. Copper for December delivery was down 0.5 percent on the New York Comex to $2.3105 per pound.
Copper prices were down on Friday on the back of concerns over an economic slowdown in China, the Wall Street Journal reported. Copper for December delivery was down 0.5 percent on the New York Comex to $2.3105 per pound.
As quoted in the publication:
Prices neared a one-month low after Federal Reserve officials said an interest-rate increase was still a viable policy option for 2015, highlighting their December meeting as the venue for reviewing whether the U.S. economy can shoulder higher borrowing costs. The policy shift is expected to boost the dollar and make dollar-denominated copper more expensive for buyers who use other currencies to fund their metals purchases.
Some investors cut copper holdings on Friday as losses in China’s stock market fanned concerns about the country’s economic health. The Shanghai Composite Index closed down 0.1% on Friday. China is the world’s top copper buyer, driving about 40% of global demand for the metal.
