Copper prices drop for the second consecutive day.
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- Copper prices drop for the second consecutive day.
- Fears about a decline on Chinese demand offset the impact of supply woes.
- Copper production in Chile declined 10% in August.
Copper prices have depreciated for the second consecutive day on Monday on the COMEX market in New York, reaching $3.39 so far.
The red metal attempted to bounce up during the European morning session, favoured by the soft tone of the US dollar. Upside attempts, however, have been capped at $3.45, before giving away gains shortly afterwards and turning negative on daily charts during the US trade.
Demand uncertainty on the back of a global economic slowdown and the increasing COVID-19 cases in China has offset the impact of supply woes. Chinese President Xi Jinping reiterated the Government’s commitment to the zero-Covid policy at the Party Committee last weekend.
Jinping’s comments triggered fears that another set of lockdowns might curb the demand for the industrial metal, which has weighed on prices.
Copper output in Chile, the world’s leading producer declined more than 10% in August.
These concerns have offset the positive impact on prices triggered by the tighter supplies and the increase on demand from China observed last week.
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