LONDON: Copper prices wilted on Friday as risk-off sentiment swept financial markets and investors took the opportunity to lock in profits after two days of rallying prices.
Three-month copper on the London Metal Exchange had shed 0.7% to $9,918 a tonne by 1230 GMT after touching the psychologically important $10,000 mark on Thursday.
"Copper and the rest of the metals sector are catching a bit of a chill today," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
"We're running into some profit taking following that strong run-up and it's also because we've got risk-off sentiment in the stock market."
Stock markets dropped after a late slump in the United States as fears about the pace of monetary policy tightening and weaker-than-expected earnings hit investor confidence.
Nickel prices hit 2011 high on low inventories
But copper, often used as a gauge of global economic health, was on track for a weekly gain of more than 2%, having been supported by supply concerns, low inventories at exchange warehouses, and a series of monetary easing measures in top consumer China.
Copper's most-traded March contract on the Shanghai Futures Exchange ended daytime trading 0.6% higher at 71,290 yuan ($11,246.61) a tonne.
Shanghai nickel rose as much as 5.2% to a record 179,780 yuan a tonne, but LME nickel slipped 0.4% to $23,695 a tonne. It touched $24,435 in the previous session, its highest since August 2011.
LME aluminium shed 1.4% to $3,069 a tonne and zinc dropped 0.1% to $3,646, but lead rose 1% to $2,372 and tin was barely changed at $43,500.
LME Chief Executive Matt Chamberlain will step down in April and take the top job at digital asset custody services provider Komainu.
Comments
Comments are closed.