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Copper on the London Metal Exchange (LME) retreated on Friday amid fears of a deep recession in the global economy and pessimism about the development of drugs to treat the coronavirus
.
It has been reported that Gilead's antiviral drug, remdesivir, failed to help
patients with severe new coronary pneumonia in a clinical trial conducted in China.
However, the company said this was not a conclusive result because the study was terminated
early.
Some base metals then fell
along with the stock market.
At 17:00 London time on April 24 (00:00 Beijing time on April 25), three-month LME copper fell by $21, or 0.
41%, to settle at $
5,139.
50 a tonne.
The weekly chart fell 1.
37%, the first decline
in four weeks.
Investors are also worried about data showing the economic impact of lockdown measures, including findings released on Friday that showed German business confidence collapsed in April, hitting its record worst hit by the coronavirus pandemic
, with its biggest drop on record and a record low.
Ole Hansen, head of commodity strategy at Saxo Bank, said: "The economic data we have is shocking and they just show that we are facing a very severe contraction
.
If the economy falls into a severe contraction, demand will come under pressure and industrial metals will not rise like the stock market
.
”
However, copper prices have seen limited decline, with supply shrinking
in anticipation of some mines being forced to close due to the pandemic.
A survey of global analysts shows that the global economy, which has been plunged into recession due to the coronavirus pandemic, will record the largest contraction on record this year, followed by a likely longer-lasting U-shaped recovery
.
Minmetals Resources (MMG) said on Friday that its Las Bamba copper mine in Peru will resume shipping copper concentrate to the port as soon as next week
.
Spot copper premium at Yangshan Port climbed to $87 a tonne, the highest since November 2018, as industrial activity recovered after COVID restrictions were lifted
.
Alastair Munro of brokerage firm Mar ex Spectron said: "The pace of replenishment in China over the past few weeks has taken market participants by surprise
.
”
In other metals, three-month aluminum rose $4, or 0.
26 percent, to settle at $
1,514 a tonne.
