BEIJING: London Metal Exchange copper prices dropped for a third session on Friday, as the prospect of an all-out Sino-US trade war outweighed a looming strike at the world's largest copper mine.
LME copper is on course for a decline of 3.2 percent this week, despite the risk of imminent supply disruption at BHP's Escondida mine in Chile. That would mark the metal's steepest weekly fall since the week ended July 6.
The volumes in Friday's Asian session were "so small they could almost be described as non-existent, and it feels like traders are just glad it is the end of the week," Malcolm Freeman, CEO of Kingdom Futures, wrote in a note.
"In addition, the slightly below-expectations Caixin PMI numbers will not have helped short-term sentiment," he said, referring to a private survey that showed China's services sector expanded at the weakest pace in four months in July.
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