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Copper dips for third straight day on profit-taking, weak demand
Copper prices fell for a third consecutive session as profit-taking continued on Thursday and consumers refused to buy at near-record levels. Three-month copper on the London Metal Exchange (LME) was down 0.9% at $10,330 a metric ton by 1036 GMT. It has fallen 7% since surging to an all-time high of $11,104 a ton on Monday. But it is still up by 20% so far this year. “There is a recognition that demand for metals is not picking up and speculative funds that got in are cashing out,” Wisdom Tree’s Nitesh Shah said. These funds will keep coming back with confidence of long term price growth in copper, Shah added. ... (full story)
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- Posted: May 23, 2024 10:58am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 321
