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The latest news from New York, COMEX copper fell to its lowest level in more than six years on November 20
.
The most actively traded COMEX December copper ended down 2.
15 cents, or 1.
1 percent, at $2.
0595 a pound, its lowest level
since May 2009.
Copper prices are down 27%
year-to-date, on concerns that slowing economic growth in China, the top copper consumer, will hurt demand.
China accounts for about 40% of global copper demand, but recently released data show that China's industrial activity continues to shrink.
Copper is widely used in the production of everyday products such as laptops and air conditioners, so its price is more sensitive
to economic conditions.
A stronger dollar on Friday also weighed on copper prices
.
Copper futures are denominated in US dollars, and when the dollar strengthens, copper prices become more expensive relative to investors who hold non-dollar currencies, weighing on such investors
.
Daniel Pavilonis, senior market strategist at RJO Futures, said: "The dollar is continuing to strengthen, which is weighing not only on copper prices, but also on overall base metal prices
.
"Ultimately, commodity prices will continue to move lower as markets expect slowdown in China, slowdown in Europe, and higher in the dollar
.
"
Analysts and investors are also concerned that global copper supply continues to increase
amid reduced copper demand in parts of the world, including Japan and Europe.
If global economic growth remains sluggish, the copper market oversupply could rise
.
The International Copper Research Group (ICSG) released a monthly report saying that the global refined copper market was oversupplied by 81,000 tons in August 2015 and 69,000 tons
from January to August.
The latest news from New York, COMEX copper fell to its lowest level in more than six years on November 20
.
The most actively traded COMEX December copper ended down 2.
15 cents, or 1.
1 percent, at $2.
0595 a pound, its lowest level
since May 2009.
Copper prices are down 27%
year-to-date, on concerns that slowing economic growth in China, the top copper consumer, will hurt demand.
China accounts for about 40% of global copper demand, but recently released data show that China's industrial activity continues to shrink.
Copper is widely used in the production of everyday products such as laptops and air conditioners, so its price is more sensitive
to economic conditions.
A stronger dollar on Friday also weighed on copper prices
.
Copper futures are denominated in US dollars, and when the dollar strengthens, copper prices become more expensive relative to investors who hold non-dollar currencies, weighing on such investors
.
Daniel Pavilonis, senior market strategist at RJO Futures, said: "The dollar is continuing to strengthen, which is weighing not only on copper prices, but also on overall base metal prices
.
"Ultimately, commodity prices will continue to move lower as markets expect slowdown in China, slowdown in Europe, and higher in the dollar
.
"
Analysts and investors are also concerned that global copper supply continues to increase
amid reduced copper demand in parts of the world, including Japan and Europe.
If global economic growth remains sluggish, the copper market oversupply could rise
.
The International Copper Research Group (ICSG) released a monthly report saying that the global refined copper market was oversupplied by 81,000 tons in August 2015 and 69,000 tons
from January to August.
