Copper falls on the back of weak German demand and huge inflows onto the LME
Other base and industrial metals also head south in spite of positive indications from the US-China trade talks
London — Copper prices fell on Thursday as weak German factory data underlined concerns about the outlook for demand and a big inflow of metal into London Metal Exchange (LME) warehouses suggested supply was adequate. Other industrial metals also slipped despite positive signals from US-China trade talks. Benchmark copper on the LME closed down 0.6% at $6,450.50 a ton. The metal, used in power and construction, has risen from an 18-month low of $5,736 in January on hopes that China, the largest consumer, can prevent a sharp economic downturn. But prices have remained stuck around current levels since late February. “$6,500 appears to be a bit of a barrier,” said Capital Economics analyst Ross Strachan. Copper supply is tight, but deteriorating economic growth in Europe, China and the US will sap demand, he said, predicting prices would fall slightly over the year.
German industrial orders fell by 4.2% in February, , their sharpest rate in more than two years, hit by a slump ...
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