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Markets

Copper rises after recent fall, set for biggest weekly loss in 2 months

  • Three-month copper on the London Metal Exchange rose 1% to $8,985.50 a tonne by 0302 GMT
Updated 20 Aug 2021

Copper prices rose on Friday but was on track for a weekly loss after investors sold the base metal complex on China's slowing growth, COVID-19 outbreaks, and US tapering worries.

Three-month copper on the London Metal Exchange rose 1% to $8,985.50 a tonne by 0302 GMT. For the week so far, it is down 6.1% to be on track for its biggest weekly fall since June 18.

The contract hit its lowest in over four months on Wednesday, as recent weakening economic data from top consumer China, rising coronavirus cases globally and US Federal Reserve officials expecting to reduce bond buying hurt metals.

The most-traded September copper contract on the Shanghai Futures Exchange fell 0.5% to 67,220 yuan ($10,338.83) a tonne, rebounding from its lowest since April 2 hit earlier in the session of 66,000 yuan a tonne, tracking overnight losses in London.

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