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Copper and Aluminum Drop as Gains Peter Out Before China Break
Copper and aluminum fell as a rally that had been buttressed by Chinese buying stalled with the country nearing a major holiday. Benchmark copper futures dropped toward $13,000 a ton in London, and were near $5.90 a pound in New York, after gaining more than 2% over the prior two sessions. Chinese copper buyers are expected to extend their break over the Lunar New Year holiday — which starts next week — as still-lofty prices curb industrial demand for the commodity. Exchange inventories have been rising in China and the wider Asian market in the run-up to the holiday, helping to replenish reserves after large ... (full story)
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