Copper edges lower; China closed for New Year
New Delhi: Copper prices dropped slightly on Monday on reduced demand from China, the top consumer, which was closed for the Lunar New Year holiday, dampening trade.
Three-month copper on the London Metal Exchange was down 0.04% at $8,166 per metric ton at 0405 GMT.
The prolonged crisis in China’s property sector has weighed on sentiment, since construction, a major consumer of base metals, has been impacted.
Copper steadies on China financing data; zinc and lead hit new lows
LME aluminium fell 0.4% to $2,206.50 a ton, nickel climbed 0.6% to $16,020, zinc edged 0.4% lower to $2,291.50, while lead rose 0.8% to $2,048.
“With markets closed in China for the Lunar New Year holidays, focus will switch to supply side issues,” ANZ Research said in a note.
More policy measures are anticipated from China after the Lunar New Year celebrations, Sucden Financial said in a report over the weekend.
