LONDON: Copper prices fell for the fourth consecutive session on Wednesday under pressure from concerns about current demand in top metals consumer China, rising stocks and a stronger dollar. Benchmark copper on the London Metal Exchange (LME) was down 0.2% at $9,554 a metric ton by 1130 GMT.
It has dropped 14% since speculative buying took prices to a record high of $11,104.5 on May 20. “Copper rod or wire rod producers in China have increased production a little bit in June from April-May levels, but this growth has not been significant. It means that demand has not picked up much yet despite copper prices falling from recent highs,” said Dan Smith, head of research at Amalgamated Metal Trading.
LME zinc rose 1.3% to $2,906 with support from algorithm-driven buying, nickel added 0.1% to $17,175 while aluminium was steady at $2,496.50. Lead fell 0.3% to $2,203.50 and tin lost 0.8% to $31,975.
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