Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
Copper fell on Thursday due to weak export orders from big metal consumer China and a survey showing a contraction in manufacturing activity in the euro zone, but supply concerns kept a floor under prices.
Three-month copper on the London Metal Exchange was $9,130 a tonne in official rings, down from a close of $9,275 on Wednesday.