19 Feb 2015
London copper declines
FXStreet (Mumbai) - Copper prices in London fell amid subdued trading as many Asian nations celebrate the Lunar new year.
Three-month copper on the London Metal Exchange slipped 0.2% to USD 5,731/tonne pearly erasing the 1.7% gain seen in the previous session. Copper prices hit five-year lows in January as inventories held by exchanges shot higher. China's slowing economic growth also weighed over prices. The recent rebound has failed to gain much traction as broader economic concerns in China remain in place.
Copper is expected to remain stuck in a USD 5,300-5,800 range, which has been in place for the past month, until Chinese buying is back post the Lunar New Year holiday.
Three-month copper on the London Metal Exchange slipped 0.2% to USD 5,731/tonne pearly erasing the 1.7% gain seen in the previous session. Copper prices hit five-year lows in January as inventories held by exchanges shot higher. China's slowing economic growth also weighed over prices. The recent rebound has failed to gain much traction as broader economic concerns in China remain in place.
Copper is expected to remain stuck in a USD 5,300-5,800 range, which has been in place for the past month, until Chinese buying is back post the Lunar New Year holiday.