LONDON- Copper prices eroded further as some investors took profits and others worried about threats by top consumer China to curb surging commodity prices.
Copper on the London Metal Exchange (LME) was set for its biggest weekly drop since September 2020 after a sizzling rally with near 40 percent gains since the start of the year to a record peak of $10,747.50 last week.
Three-month LME copper had slid 2 percent to a three-week low of $9,849 a ton, down 3.7 percent on the week. Comex copper HGcv1 dropped 2.1 percent to $4.474 per lb.
“It’s the potential risk of Chinese authorities clamping down on prices that seems to be the catalyst for the turnaround this week,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. – Reuters
