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London Metal Exchange (LME) copper fell on Friday as speculators bet that the rally would last too long, demand from China, the world's largest consumer, could face problems, and the number of new cases in the United States hit a record high
.
LME three-month copper fell 0.
9% to $6,017 a tonne on July 3 at 17:00 London time (00:00 Beijing time on July 4), hitting $6,120 a tonne on Thursday, the highest
since Jan.
22.
Copper prices are expected to rise about 1.
4% on a weekly basis, marking the seventh consecutive week of gains and the longest rally in nearly three years
.
Copper has been the LME gainer metal in recent months, rebounding 40 percent since late March to hit its highest in more than five months on Thursday, in part on concerns about supplies from major producer Chile
.
Giancldio Torlizzi, partner at consultancy T-Commodity, said: "Technical indicators are pointing to overbought conditions and there are signals that global growth is stalling
after a strong recovery.
The Relative Strength Index is a key indicator for investors who rely on chart signals, rising to around 75 on Thursday, while 70 is seen as a level that signals a
potential trend reversal.
The United States is reporting a global record number of new cases in a single day, while China, the largest copper consumer, is heading into the summer and construction activity will slow, which will dampen demand
.
The United States on Thursday confirmed more than 55,000 new coronavirus cases, a new one-day record in the world, and US President Donald Trump again attributed it to US testing efforts
.
The surge in coronavirus cases in the United States over the past week has raised questions about Trump's handling of the crisis, and governors in several states have suspended economic reopening plans
.
Copper inventories tracked by the Shanghai Futures Exchange rose
for the first time in seven weeks.
As China enters the summer construction off-season, and the supply-side shock of the new crown epidemic has largely been absorbed, the stunning V-shaped reversal of copper prices looks increasingly unsustainable
.
Benchmark LME three-month copper jumped 21% in the second quarter, its biggest quarterly gain in 10 years, supported by a strong post-pandemic recovery in China, concerns about copper supply disruptions, a weaker U.
S.
dollar, and massive global stimulus measures
.
