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According to the news, London and Shanghai copper futures both fell on Friday, and prices resumed their decline after global stocks fell sharply again and copper inventories rose sharply again
.
The decline sent the London Metal Exchange (LME) copper likely down 3.
1% on a weekly basis, its biggest weekly decline since early December
.
London copper has now fallen below
the $7,000 mark where support has been held since 2018.
ANZ said in a research note on Friday that it expects copper's recent weakness to be relatively short
.
The risk of copper supply disruptions remains high, and China's restrictions on copper scrap imports could support refined copper imports
, the research report said.
China is the world's
largest consumer of copper.
With a tight negotiating schedule for a copper wages deal this year, some copper bulls are betting on labor disputes
.
But if the initial agreement between the two copper mines can be a guiding sign for more agreements with miners, the bulls' hopes may be disappointed
.
In terms of inventories, copper stocks of LME warehouse receipts surged another 20,125t on Friday, hitting their highest level
since May 19 last year.
Copper stocks on the Shanghai Futures Exchange rose 13,537 tonnes this week to 186,132 tonnes
.
Write-off receipts also increased by 17,911t to
70,077t.
Three-month copper on the London Metal Exchange (LME) fell 0.
42% to $6,815.
50 a tonne at 17:46 Beijing time, down 0.
5% on the previous day, as a stronger dollar made dollar-denominated goods more expensive
for overseas buyers.
The Shanghai copper workhorse April contract closed down 1.
15% at 51,560 yuan a tonne, down 2.
6% for the week and its biggest weekly decline since September
.
