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Reuters Africa reported that London copper slipped 1.7 percent on worries over the euro zone crisis and uncertainties ahead of key Chinese data.
Reuters Africa reported that London copper slipped 1.7 percent on worries over the euro zone crisis and uncertainties ahead of key Chinese data.
As quoted in the market news:
“Speculators, both overseas and in China, are more inclined to short base metals today, especially copper, as the price of the metal is still far above its marginal costs, which means there is more downside room in a bear market,” said a Shanghai-based trader. Analysts put copper’s current marginal costs at $4,000. A Chinese industry group has told copper experts the country’s stocks reached a surprisingly high 1.9 million tonnes at the end of last year, the Financial Times reported on Wednesday, citing unnamed sources.
