Copper slipped on Wednesday, as investors booked profits after prices rallied to multi-year highs on coronavirus vaccine hopes and strong economic recovery from China, but US stimulus hopes limited losses.
Three-month copper on the London Metal Exchange fell 0.3 percent to $7,669.50 a ton, retreating from $7,743 a ton, a level unseen since March 2013, hit on Tuesday.
The most-traded January copper contract on the Shanghai Futures Exchange slipped from an over eight-year high to trade at 57,220 yuan ($8,732.68) a ton, down 0.2 percent.
“Headwinds at the moment are a weaker equity and oil market, but copper still holding well on its own. It can catch the rally when the selling pressure on the other products are over,” said a Singapore-based metals trader.
Oil prices extended losses while Asian shares shed early gains as some investors booked profits, but hopes for additional US economic stimulus and a coronavirus vaccine kept market sentiment well supported.