Copper prices fell to a three-month low on Thursday as investors turned from copper to gold on the back of no new stimulus from a key political meeting in China and the prospect of interest rate cuts by the US Federal Reserve.
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Three-month copper on the London Metal Exchange (LME) fell 2.6% to $9,385 per metric ton at 1606 GMT, after earlier hitting its lowest since April 12 at $9,379.5.
“Copper prices are falling sharply. There’s nothing new coming out of Beijing,” said Alastair Munro, senior base metals strategist at brokerage firm Marex.
The Chinese government issued a communique on Thursday after a closed-door meeting of members of the ruling Communist Party’s Central Committee that did not detail the changes to be implemented in times of financial difficulty.
Lack of policy support for the Chinese economy, which consumes half of the world’s copper, could adversely impact demand prospects for the metal.
Copper Imports Fell
China’s copper imports fell to a 14-month low in June. Meanwhile, LME data showed copper inventories in LME-registered warehouses rose to a 33-month high of 221,100 tonnes. (MCUSTX-Total) Investors’ shift from copper to precious metals has also impacted prices, Munro said, pointing to large deals being made due to the gloomy economic outlook. Gold prices hit a record high on Wednesday on the prospect of a US interest rate cut in early September. Lower rates typically boost the appeal of non-yielding bullion.
A stronger US dollar returned the DXY bullish after mid-Atlantic manufacturing data showed a bigger-than-expected rise in July, also pressuring metals prices. Aluminum ALI1! It fell to $2,380 a tonne, its lowest level since April 3. It was last down 0.8% at $2,383 a tonne.
Lead was the biggest loser on the LME, falling 4% to $31,640 a tonne, while silver dropped 10% to $31,640 a tonne. Lead fell 1.6% to $2,156. Zinc ZNC fell 1.5% to $2,806 and nickel nickel fell 0.1% to $16,440.
