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Business

REUTERS
July 14, 2018

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Copper declines

Singapore : London copper slid on Friday and the market was set for a fifth consecutive week of losses on concerns about weaker demand amid a U.S.-China trade row.

Three-month copper on the London Metal Exchange lost 0.3 percent to $6,209.50 a tonne by 0556 GMT while the most-traded copper contract on the Shanghai Futures Exchange gained 0.5 percent to 48,720 yuan ($7,309.06) a tonne.

"We had already seen the slowdown in demand which is now being exacerbated by the trade war or rhetoric around tariffs," said Guy Wolf, global head of market analytics at Marex Spectron in Singapore.

"We have seen the bulk of the decline in prices but it might be little early to think that it is all over.

"LME copper has fallen more than 15 percent in five weeks of losses. A trade war between Washington and Beijing has raised concerns over demand in top industrial metals consumer China.

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