Copper reduced in price on profit

Copper reduced in price on profit


According to trading, the December copper futures on the Comex became cheaper to $ 2.07 per pound in natural gas storage.. Copper prices fell sharply at the beginning of this week.

MOSCOW, 20 Nov. Copper prices fall on natural gas profits, according to AFP.

As at 19.19 GMT December futures for copper on the Comex became cheaper on 0,53% — to $ 2.07 per pound (about 0.45 kilograms).

At the end of trading Thursday the price of a ton of copper on the London metal exchange (LME) for delivery in three months rose by 0.42% to $ 4630 per tonne. Price per ton of aluminum fell by 0.41% to 1466 USD, zinc rose 0.92% to 1531 dollars.

Copper prices fell sharply at the beginning of this week to 2,0765 per pound, the lowest level since may 2009, due to concerns of investors weakening demand for the industrial metal. Traders worried that an economic slowdown in China, the world’s largest consumer of copper, will lead to a decrease in purchases of metal. Meanwhile, analysts predict that copper supply will continue to grow, which will likely lead to a strong decline in metal prices.

On Friday, some traders decided to fix profits on downward flow, which led to the fall in copper prices by 12% in the last month. Traders who were betting that copper prices would fall bought back their bets to lock in profits, writes the newspaper the Wall Street Journal.