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Commodity News |
HeadLine : |
Copper heads for biggest weekly drop since January |
Date : |
May 25 2015 |
- Copper prices fell on Friday on worries about demand in top consumer China, while nickel hit a four-week low after stocks in LME-registered warehouses climbed to a record high.
- Three-month copper was untraded at the close but bid at $6,161 a tonne from $6,260 on Thursday. Earlier in the day, it touched a three-week low of $6,143.
- The metal used in power and construction is down more than 3 percent so far this week, heading for its biggest weekly loss since January.
- China's imports of unwrought copper and copper alloy reached 380,000 tonnes in April, taking imports in the first four months of the year to 1.35 million tonnes, down 14.7 percent from a year ago.
- The discount for the cash contract over the three-month future at around $43 a tonne is up from near $30 late April.
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