Copper Falls on Oversupply Worries

Copper for delivery in three months on the London Metal Exchange fell 1.5 percent to $6,622.75 per tonne, according to Reuters, having hit a six-week high last week. Copper supply is expected to increase, and that has been impacting the market for the metal in China.

“Supply has definitely increased as we expected – from September, smelters are trying to produce as much as possible to hit their annual production targets,” analyst Li Chunlan at CRU told Reuters. “Prices may recover later in November, as there is expectation of more supportive policies from the government for real estate.”

Copper for December delivery on New York’s Comex fell 1.98 percent to trade at $3.004 per pound, according to Investing.com.