Wednesday March 22, 2023

Copper falls

June 23, 2018

Singapore : Copper prices ticked higher on Friday, but were poised for a second week of decline on fears that a trade conflict between Washington and Beijing would hit demand in China, the top consumer of industrial metals.

Three-month copper on the London Metal Exchange had risen 0.4 percent to $6,814 a tonne by 0713 GMT, while the most-traded copper contract on the Shanghai Futures Exchange closed up 0.3 percent to 51,870 yuan ($7,985.28)a tonne. For the week, LME copper is down 2.9 percent and prices in Shanghai have dropped 3.3 percent. Fears of a full-blown trade war with the United States have magnified concerns about China´s economic outlook following weaker-than-expected growth data for May. China´s economy is starting to cool under the weight of a multi-year crackdown on riskier lending that is pushing up borrowing costs for companies and consumers, with data pointing to a broad slowdown in activity in May.