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Copper prices hit a 5 month low on Monday as a volatile market in China pressured metals tied to the country’s economy, the Financial Times reported. As quoted in the publication: Volumes of copper futures traded in Shanghai on Monday soared to more than double their levels over the past month, rising above 400,000 contracts …
Copper prices hit a 5 month low on Monday as a volatile market in China pressured metals tied to the country’s economy, the Financial Times reported.
As quoted in the publication:
Volumes of copper futures traded in Shanghai on Monday soared to more than double their levels over the past month, rising above 400,000 contracts as the metal fell 3.7 per cent. Traders attributed the selling of positions in copper due to losses in the equity markets.
Many funds in China were long Chinese equities and short copper, according to analysts. The trade was also one of Goldman Sachs’s top trade ideas for 2014.
But since China’s stocks started dropping last month, they have followed the price of copper downwards.
Click here to read the full article from the Financial Times.
