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Copper prices fell last Thursday as investors increasingly worried
about room for further gains in 2021.
As China bounces back from the pandemic, copper prices have outperformed other industrial metals
this year.
Analysts said China's economy could shift to a consumption-based economy next year, no longer relying on metal-friendly infrastructure, and high levels of speculative buying put copper prices at risk
of a correction.
Global efforts to promote a green economy are expected to continue to support
the base metals needed for electric vehicles and renewable energy.
London Metal Exchange (LME) benchmark copper is up 26% this year, the top gainer, having hit its highest since 2013 at $
8,028 a tonne this month.
At 1705 GMT, LME copper fell 1.
1% to $
7,764 a tonne.
On the Shanghai Futures Exchange, copper prices are up 17 percent this year, the third highest gain, behind aluminum and zinc, which rose 22.
5 percent and 18 percent
, respectively.
The LME and the Shanghai Futures Exchange were closed on
January 1 due to the New Year's holiday.
