LONDON: Copper slipped on Thursday after briefly punching above the $10,000 level, last broken a decade ago, as speculators locked in profits amid worries about industrial demand.
Three-month copper on the London Metal Exchange touched $10,008 a tonne before retreating 0.1% to $9,867 a tonne by 1600 GMT.
The last time copper rose above $10,000 was in February 2011, when it touched a record of $10,190.
Copper and other financial markets got a boost when the US Federal Reserve said on Wednesday it was too early to consider rolling back its emergency pandemic support.
The Yangshan copper premium fell to $43 a tonne, its lowest since April 2017, indicating weakening demand from top consumer China as prices have leapt 29% this year.
Other metals also reached fresh peaks. LME aluminium was up 0.7% at $2,417 a tonne, the highest since April 2018, while zinc shed 0.2% to $2,914, having hit the strongest mark since June 2018. Tin was unchanged at $28,540 after hitting the highest since August 2011, while lead advanced 0.4% to $2,110.50 and nickel gave up 1.1% to $17,245.
Comments
Comments are closed for this article.