Copper prices fall for the fifth day running after hitting a record high last week
Five of the six base metals on the London Metal Exchange posted declines in early Asian trading, with copper’s run of losses its longest since July. The wiring metal reached its high a week ago on optimism a US-China trade deal would boost demand, and after a wave of supply issues.
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Copper dropped a fifth day after reaching a record late last month, as a selloff across global stock markets also dimmed investor appetite for commodities.
Five of the six base metals on the London Metal Exchange posted declines in early Asian trading, with copper’s run of losses its longest since July. The wiring metal reached its high a week ago on optimism a US-China trade deal would boost demand, and after a wave of supply issues.
Investor sentiment is wavering amid uncertainty about high equity valuations as well as a murkier outlook for more US interest rate cuts. Those factors also pushed the dollar higher, adding to pressure on commodities priced in the greenback.
Copper fell 0.4% to $10,625 a ton by 10:07 a.m. Shanghai time — down about 5% from its record of $11,200 on Oct. 29 — while aluminum dropped 0.4% and zinc declined 0.5%. Iron ore futures in Singapore lost 0.4%.