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Copper slips below records as China’s August imports hit a six-year low
Comex copper for December was up 0.5% to $6.8545 a pound, while LME and exchange stocks show China demand softening and inventories shifting toward the US.
Copper prices eased just below record territory on Wednesday after four straight sessions drove the metal to new highs in New York and London, with Middle East conflict concerns lifting oil prices and reviving worries about inflation ahead of US consumer price data, Mining.com reported.
Comex copper for December delivery, the most active contract, rose 0.5% to $6.8545 a pound, after trading at $6.8730 on Tuesday, the highest ever for a Comex contract, and after a record settlement of $6.8235.
In London, three-month copper slipped 0.4% to $14,645.50 a tonne after reaching an all-time high of $14,779 on Tuesday, following Monday’s push past the January peak.
China imported 382,000 tonnes of unwrought copper and copper products in August, the weakest August in six years, with the January to August total at 3.3 million tonnes, 6.7% below last year, while Comex warehouses held a record 695,624 tonnes, more than double combined holdings in LME and Shanghai sheds, Mining.com said.
Latest closeCopper $6.776 ▲2.7%