LONDON- Copper fell on Friday as concern mounted over the recovery of some of the world’s largest economies, but rising Chinese demand and low inventories kept prices on track for a weekly gain.
Benchmark copper on the London Metal Exchange (LME) was down 1.7 percent at $6,492 a ton. Copper is on track for a 2 percent rise this week.
“There is a continued risk-off sentiment on the macro-economic front which started yesterday,” said ING analyst Wenyu Yao. “Despite this, the market has an overall positive view on copper as Chinese demand has been recovering well … that is still in place despite the shock from headwinds recently.”