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Copper erodes as industrial consumers baulk at high prices
Copper dropped on Tuesday with industrial consumers beginning to resist paying elevated prices when inventory levels are at multi-year highs. Benchmark three-month copper on the London Metal Exchange was down 0.8% at $12,868 a metric ton at 1045 GMT after rebounding by 1.3% in the previous session. LME copper has surged by 30% over the past six months, touching a record peak of $13,407 last week, driven by speculative buying on the back of worries that mine disruptions will create shortages. “Copper cannot run away from the fact that it is an industrial metal and consumers are starting to baulk at these high prices ... (full story)
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