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Business

REUTERS
May 16, 2018

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Copper slips

Singapore : London copper prices slid for a second session on Tuesday, coming under pressure from a rise in stockpiles of the metal used in power and construction.

Three-month copper on the London Metal Exchange fell 0.2 percent to $6,873 a tonne by 0139 GMT and the most-traded contract on the Shanghai Futures Exchange gave up 0.6 percent to 51,250 yuan ($8,077.86) a tonne.

The headline stocks in LME warehouses rose 8,900 tonnes to 289,975 tonnes. Inventories had fallen more than 100,000 tonnes since March to just over 280,000 tonnes, while copper prices have moved sideways after reaching a four-year high of $7,312.50 in December.

The impact of Chinese curbs on scrap metal imports introduced this year will be blunted by a rise in domestic scrap production, analysts say.

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