The Conversation (0)
Copper prices continued to fall on Monday, in part driven by slower demand from China and a higher US dollar, Reuters reported.
Copper prices continued to fall on Monday, in part driven by slower demand from China and a higher US dollar, Reuters reported.
As quoted in the publication:
Benchmark copper on the London Metal Exchange was untraded at the close but was bid down 1 percent at $5,114 a tonne from $5,170 on Friday. The metal, used in power and construction, plunged to a six-year low of $5,062 last week.
China’s yuan posted its biggest weekly loss on record after the central bank’s surprise move to devalue its currency, seen as a bid to boost exports and growth.
But the move was also taken as a sign that Chinese authorities are seriously concerned about an economic slowdown turning into a hard landing.
