Commodity News
HeadLine : Copper falls to a near 3-week low as virus death toll rises in China
Date : Jan 23 2020
Copper fell to a near three-week low on Wednesday as the rising death toll from the Wuhan virus outbreak deepened concerns over potential damage to economic growth and metals demand. Chinese authorities on Wednesday said the virus had claimed a total of nine lives with 440 confirmed cases and stepped up efforts to control the outbreak. Benchmark copper on the London Metal Exchange (LME) was down 0.8% at $6,108 a tonne at the close after touching its lowest since Jan. 3 at $6,095.50. Also, rising copper inventories in LME-approved warehouses continued to weigh on prices. Headline stocks rose 20% to 195,375 tonnes, their highest since Dec. 4. Antofagasta reported a 5.8% drop in fourth-quarter copper production, citing civil unrest in Chile, though it still registered record annual output. The global nickel market deficit tightened to 1,266 tonnes in November from a shortfall of 3,077 tonnes the previous month, the International Nickel Study Group said.

Source: Reuters
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