Commodity News
HeadLine : Copper slides further as China virus fears grow
Date : Jan 24 2020
Copper prices fell to their lowest in more than six weeks on Thursday as the rising coronavirus death toll heightened fears over the outbreak’s potential impact on the Chinese economy. Other industrial metals also slipped, oil prices fell more than 2% and Chinese shares registered their biggest decline since May while the yuan also suffered as China put two cities at the epicentre of the outbreak on lockdown. Investors recalled how the Sudden Acute Respiratory Syndrome (SARS) epidemic in 2002-2003, which also started in China, dented economic growth in the world’s biggest consumer of metals and caused a slump in travel. Benchmark copper on the London Metal Exchange (LME) ended down 2% at $5,987 a tonne, taking this week’s losses to about 4.5%. Also weighing on prices is a sharp rise in stocks. On-warrant inventories in LME-registered warehouses rose to 162,875 tonnes from less than 90,000 tonnes last week. Chinese markets will be closed from Friday to Jan. 31 for the Lunar New Year, reducing liquidity.

News Archives: