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Monday May 06, 2024

Copper weakens

By our correspondents
September 28, 2016

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Singapore

Nickel dropped one percent on Tuesday, falling for a second day on concerns over demand, with investors in the base metal market awaiting an announcement from the Philippines on closure of mines.

Copper was a touch weaker, while aluminium eased after climbing to its highest in almost five weeks in the previous session on dollar weakness.

Nickel futures on the London Metal Exchange fell 1 percent to $10,425 a tonne by 0124 GMT, adding to Monday´s decline of 1.2 percent.

LME copper gave up 0.3 percent to $4,827 a tonne, extending losses from the previous session.

The most-traded copper contract on the Shanghai Futures Exchange lost 0.3 percent to 37,670 yuan a tonne.

A dozen more Philippine mines, mostly nickel projects, are in danger of being suspended in an ongoing environmental crackdown on the sector.