Copper fell 0.32 percent today to trade at $6,270 per tonne, according to Reuters. This is not far from the price of $6,230 it hit on Monday, its lowest in four-and-a-half years. Investors were concerned about slowing growth in China, as well as the expectation of a surplus in copper.
“I will not be surprised to see prices go down to $6,000 a tonne,” an unnamed metals trader in Shanghai told Reuters. “The low price has more to do with people’s expectations on how Chinese demand is going to be in the coming year. Obviously, no one has strong confidence and tightening of liquidity in China has been causing some concern.”
On the Comex in New York, copper rose 0.30 percent to $2.83 a pound, the Binary Tribune reported.
