LONDON- Copper prices fell for a fifth straight session on Friday to the lowest level in three months on disquiet about a weak Chinese economy and the lack of stimulus announcements.
Three-month copper on the London Metal Exchange (LME) was down 0.9 percent to $9,305 a metric ton, its lowest level since April 8.
LME copper is on track for a 5.8 percent weekly decline, the biggest weekly fall since August 2022.
US Comex copper futures dropped 0.9 percent to $4.23 a lb.
A key political meeting this week in top metals consumer China failed to provide any detail on further stimulus measures despite weaker-than-expected economic growth data for the second quarter.
“I think the market is really down on China at the moment and the speculators are taking a bit of money out,” said Tom Price, head of commodities strategy at Panmure Liberum.
“The government is trying to guide it from being a materials-intensive story to a tertiary-style economy. It’s not a happy place and it’s inherently bearish for commodities.”
