Copper Fell On Concerns About Demand China, Patchy Global Industrial Activity.
Copper faced a decline of -0.84% yesterday, settling at 715.95, driven by concerns over demand in China, uneven global industrial activity, and expectations of prolonged higher U.S. interest rates. Persistent worries about China’s real estate sector and uncertainties regarding the trajectory of Federal Reserve policies contributed to the negative sentiment surrounding copper.
The apprehension about demand was evident in the copper inventories in warehouses monitored by the Shanghai Futures Exchange, which surged by 36%, reaching their highest level since July. LME cash copper’s discount to the three-month contract also hit a record high of $109, indicating weak demand dynamics.