Stricter monetary policy in China pushed copper prices down Oct. 23.
Stricter monetary policy in China had an impact on copper prices on October 23. Some Chinese banks were tripling write-offs on bad loans, Reuters reported, and short-term Chinese money rates rose. This uncertainty from the world’s largest copper consumer erased gains the red metal made the day before when investors were confident the U.S. Federal Reserve would hold off tapering the stimulus program after weak jobs data was reported.
Benchmark three-month copper prices on the London Metal Exchange hit $7,203 a tonne today, down $129.65 from the previous session, according to Reuters. Copper was up 1.2 percent in the previous session.
On the Comex in New York, copper futures for December delivery fell $0.05 to $3.29 a pound, The Wall Street Journal reported