Copper price down as week-long holiday in China pauses rally

Copper price fell on Friday as a week-long holiday in China paused a rally that was fuelled by demand prospects in the world’s biggest consumer.

Copper for delivery in March fell on the Comex market in New York, touching $4.22 per pound ($9,284 per tonne), down 1% compared to Thursday’s closing.

[Click here for an interactive chart of copper prices]

The Chinese market is closed this week for the Lunar New Year holiday and will reopen on January 30.

LME copper has gained 11% so far this month, on track for its biggest monthly rise since April 2022, as hopes grew that economic activities in China would pick up after the country dismantled its strict covid curbs.

State-owned Chilean Copper Commission on Thursday raised its projection for 2023 prices to $3.85 per pound from a December estimate of $3.70 a pound, as inventories worldwide drop.

(With files from Reuters)