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Copper prices fell on Tuesday as the Chinese government's insistence on strict coronavirus containment measures could slow demand
for the metal.
Copper prices for December delivery on the New York Mercantile Exchange fell 1.
8 percent to $3.
35 a pound ($7,379 a tonne).
The most traded copper futures contract on the Shanghai Futures Exchange fell 0.
9% to 62,650 yuan
a tonne in November.
The sharp increase in copper inventories on the Shanghai Futures Exchange on October 14 is also partly to blame
.
But overall, tight copper supply in China continued to provide some support and cushioned a sharp drop
in prices.
China's tangible copper stocks, including those in China bonded warehouses and warehouses on the Shanghai Mercantile Exchange, stood at 93,846 tonnes on October 14, slightly above record lows but still low
.
Copper prices fell on Tuesday as the Chinese government's insistence on strict coronavirus containment measures could slow demand
for the metal.
Copper prices for December delivery on the New York Mercantile Exchange fell 1.
8 percent to $3.
35 a pound ($7,379 a tonne).
The most traded copper futures contract on the Shanghai Futures Exchange fell 0.
9% to 62,650 yuan
a tonne in November.
The sharp increase in copper inventories on the Shanghai Futures Exchange on October 14 is also partly to blame
.
But overall, tight copper supply in China continued to provide some support and cushioned a sharp drop
in prices.
China's tangible copper stocks, including those in China bonded warehouses and warehouses on the Shanghai Mercantile Exchange, stood at 93,846 tonnes on October 14, slightly above record lows but still low
.
