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Commodity: copper is about to fall every week

12/05/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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Copper is poised for a weekly fall as the demand outlook darkens. It spiked in London on Friday, but prices are on track for their biggest weekly drop since November

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After touching a five-month low in the previous session, three-month copper on the London Metal Exchange was up 0.6% to $8,214.50 per ton at 0451 GMT. Since the start of the week, the contract has lost 4.3%, its biggest weekly drop. June's most traded copper contract on the Shanghai Futures Exchange fell by 2.5% to its lowest level in four months at 64,700 yuan ($9,360.40) per ton

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LME aluminum gained 0.1% to $2,212.50 per ton, lead added 0.4% to $2,115, nickel climbed 0.7% to $21,935, while tin lost 1.1% to $25,040. For its part, aluminum in SHFE fell by 1.2% to 17,940 yuan per ton, zinc lost 1.6% to 20,820 yuan, lead fell by 0.2% to 15,265 yuan, nickel slipped by 2% to 168,630 yuan, and tin fell by 3.2% to 199,760 yuan

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