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LONDON- Copper prices posted their first weekly decline since the start of April as rising inflation fears and a dip in demand from China dragged prices down.
Benchmark copper on the London Metal Exchange (LME) was 0.9 percent lower at $10,245.50 a ton, having scaled a record high of $10,747.50 on Monday.
It was down about 1.5 percent over the week.
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Many analysts expect the metal, used in construction and power, to rise further as the global economy rebounds and moves from fossil fuels to copper-intensive electrification.
“Supply is relatively tight while demand keeps expanding,” said WisdomTree analyst Nitesh Shah. “I think it will start going up again.”
