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Copper price set for weekly drop on demand concerns, stronger dollar

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Copper prices fell on Friday amid concerns over the outlook for global demand and as hawkish remarks from US Federal Reserve officials sent the dollar higher.

Copper for delivery in December fell 0.8% on the Comex market in New York, touching $3.65 per pound ($8,030 per tonne).

[Click here for an interactive chart of copper prices]

The most-traded December copper contract on the Shanghai Futures Exchange slid 0.7% to 65,880 yuan ($9,245.02) a tonne.

Asian stock markets were cautious and the dollar was set for a weekly gain, after comments from Fed officials, in the wake of employment data still showing a tight US labor market, dashed investors’ hopes for less aggressive monetary policy.

Meanwhile, China struggled with rising covid-19 cases this week in big cities like Beijing and Guangzhou, fanning concerns about its economic performance.

“Orders from buyers have remained moderate since September. The current sentiment is weak as it’s hard to find any bright spot of demand next year,” a Chinese copper tube producer said.

(With files from Reuters)

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