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London copper prices fell on Friday, on track for their worst weekly loss in more than two years, on a stronger dollar and weak demand outlook due to slowing economic growth and imminent rate hikes.

Three-month copper on the London Metal Exchange fell 0.5% to $7,135.50 a tonne by 0249 GMT.

It was down 8.7% on a weekly basis, its biggest drop since March 2020. The most-traded August copper contract on the Shanghai Futures Exchange dropped 1.8% to 54,750 yuan ($8,104.99) a tonne, having hit its lowest since November 2020 of 54,440 yuan a tonne earlier in the session.

Economic growth in top metals consumer China slowed sharply in the second quarter, expanding 0.4% year-on-year and missing expectations, as widespread lockdowns to curb record COVID cases hit industrial activity and consumer spending.

Copper slides to 20-month low

Meanwhile, inflation in the United States at the highest since 1981 is seen triggering a jump in rate hike this month, which is expected to slow growth and push up the dollar.

The dollar hovered near its two-decade high, making greenback-priced metals more expensive to holders of other currencies.

ShFE nickel tumbled 8.3% to 142,690 yuan a tonne, tin dropped 3.1% to 186,280 yuan a tonne while aluminium rose 0.5% to 17,355 yuan a tonne.

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Muhammad Kashif Zaheer Jul 15, 2022 10:42am
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