LONDON: Copper prices fell for a fifth straight session on Friday to the lowest level in three months on disquiet about a weak Chinese economy and the lack of stimulus announcements.
Three-month copper on the London Metal Exchange (LME) was down 0.9% to $9,305 a metric ton by 1600 GMT, its lowest level since April 8. LME copper is on track for a 5.8% weekly decline, the biggest weekly fall since August 2022.
US Comex copper futures dropped 0.9% to $4.23 a lb. A key political meeting this week in top metals consumer China failed to provide any detail on further stimulus measures despite weaker-than-expected economic growth data for the second quarter.
“I think the market is really down on China at the moment and the speculators are taking a bit of money out,” said Tom Price, head of commodities strategy at Panmure Liberum.
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