Copper hits one-week low on profit-taking and China demand concerns

From brecorder.com

Copper prices hit a one-week low on Friday on profit-taking after a rally led by speculative funds while demand from physical buyers in China was muted. Benchmark three-month copper on the London Metal Exchange was down 1.2% at $12,955 a metric ton by 1100 GMT after hitting $12,774.5 for its lowest since January 9. The metal used widely in power and construction is down 5% since a record high of $13,407 on Wednesday. The securities regulator in top metals consumer China, meanwhile, vowed on Friday to crack down on excessive speculation after the country’s benchmark stock index approached nearly 10-year highs this ... (full story)