Copper price edges down to two-week low amid demand uncertainty
The metal headed for a third daily decline, with copper miners also under pressure as a risk-off mood took hold in broader equity markets.
Copper prices dipped on Thursday hit by concerns over demand in China, which is grappling with the worst resurgence of covid-19 cases since early 2020.
Copper for delivery in May fell 0.4% from Wednesday’s settlement price, touching $4.732 per pound ($10,410 per tonne).
[Click here for an interactive chart of copper prices]
The most-traded May copper contract on the Shanghai Futures Exchange was down 0.4% at 73,360 yuan ($11,552.57) a tonne.
China’s factory activity contracted in March as the economy faced renewed downward pressures from stringent covid-19 controls.
The country’s pledges to shore up its embattled property sector have done little to boost prospects for the sector, according to developers.
China will roll out policies to stabilise the economy as soon as possible as the downward pressure in the economy increased, state media CCTV quoted a cabinet meeting as saying on Wednesday.
Related: Miners need to invest over $100bn to meet copper demand
(With files from Reuters)
