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| Commodity News |
| HeadLine : |
Copper hits over 3-year low as growth fears deepen after US travel curbs |
| Date : |
Mar 13 2020 |
Three-month copper on the London Metal Exchange (LME) fell as much as 2.2 per cent to $5,406.50 a tonne, its lowest since November 2016. It cut some losses to trade 1.7 per cent lower at $5,433.50 a tonne. The most-traded copper contract on the Shanghai Futures Exchange (ShFE) hit a 40-month trough of 42,880 yuan ($6,143.00) a tonne in early trade and closed 2.5 per cent lower at 43,130 yuan a tonne. "China is improving but the rest of the world is so far deteriorating. Eventually the external demand shock in Europe, the United States and the rest of the world may also affect China's exports," said analyst Helen Lau of Argonaut Securities. US President Donald Trump suspended travel from virus-hit continental Europe to the United States for 30 days starting on Friday, escalating fears that the hit to businesses and the world economy from the virus would be far worse than earlier expected. ShFE aluminium declined 0.7 per cent to 12,750 yuan a tonne, nickel dropped 2.6 per cent to 100,080 yuan a tonne, zinc lost 1.7 per cent to 15,730 yuan a tonne, while lead was down 0.8 per cent to 14,375 yuan a tonne.
Source : Economic Times
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