The Conversation (0)
The price of LME copper fell on Wednesday as the metal succumbed to the same economic pressures that pushed down the price of other commodity metals.
The price of copper fell on Wednesday as the metal succumbed to the same economic pressures that pushed down the price of other commodity metals. Reuters reported that LME copper fell 0.4 percent to $6,083 a tonne.
Despite a lower-than-expected global supply of copper, concerns about demand still weigh on the metal. The weak economic forecast in China, the world’s largest copper consumer, is particularly troubling.
“Even if you get some early signs which show you some improvement … the macro story in China doesn’t look good,” said UBS Wealth Management Analyst Dominic Schnider.
Comex copper for July notched up slightly to $2.78 a pound, according to MarketWatch.
