London copper snaps five-session rally ahead of holidays
- The most-traded June copper contract on the Shanghai Futures Exchange fell 0.9% to 71,660 yuan ($11,076.76) a tonne, after touching a 10-year peak of 73,060 yuan earlier in the session.
London copper prices slipped on Friday after crossing the key psychological level of $10,000 in the previous session, as investors booked profits in subdued trading ahead of next week's market holidays.
Three-month copper on the London Metal Exchange was down 0.6% at $9,830.50 a tonne, as of 0537 GMT, retreating after a five-session rally. It rose to as high as $10,008 on Thursday, hovering close to a record $10,190 hit in February 2011.
Despite the pullback, London copper was on track for its 12th monthly gain in last 13 months, boosted by optimism around prospects for a quick global economic recovery as well as tightening supply conditions.
"The copper price has gone stratospheric and probably has further to go, which is a boon for miners who are currently making at least $2 for every $1 they spend getting metal out of the ground," said Robert Edwards, CRU Group's principal analyst for base metals.
The most-traded June copper contract on the Shanghai Futures Exchange fell 0.9% to 71,660 yuan ($11,076.76) a tonne, after touching a 10-year peak of 73,060 yuan earlier in the session.
The London exchange will be closed on May 3 for a bank holiday while the Chinese bourses will be shut from May 3-5 for the Labour Day break.
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