Copper prices slipped on Thursday, weakened by fears that the coronavirus outbreak in China could spread globally and further dampen economic growth and metals demand.
Scores of new coronavirus cases and a first death in South Korea fanned fears of global pandemic as research suggested it could be more contagious than previously thought.
Copper was given an early fillip from an interest rate cut in top metals consumer China but later fell back into negative territory for a third session running, also weighed down by a stronger dollar. Global primary aluminium output rose to 5.451 million tonnes in January from a revised figure of 5.439 million tonnes in December, data showed. LME aluminium shed 0.5% to close at $1,711 a tonne.
The global nickel market widened its surplus to 2,000 tonnes in December from a surplus of 1,100 tonnes in the previous month, data showed.
The discount of LME cash zinc over the three-month contract rose to $16 a tonne, the highest since September 2018 and compared with a premium of $23.75 a month ago. LME zinc fell 0.8% to finish at $2,112 a tonne, its lowest level since July 2016. Nickel dropped 1.2% to finish at $12,670 and tin rose 0.3% to $16,575.
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