HANOI- Copper prices in Shanghai hit their lowest in eight weeks on Wednesday, while prices also fell in London, dragged down by demand concerns ahead of a major holiday in top consumer China.
The most-traded March copper contract on the Shanghai Futures Exchange dropped as much as 1.2 percent to 56,920 yuan ($8,813.60) a ton, its lowest since Dec. 9, while three-month copper on the London Metal Exchange dipped 0.4 percent to $7,743 a ton.
China will celebrate its Lunar New Year holiday during Feb. 11-17, when metals demand usually dip as business activities slow.
Meanwhile, a recent coronavirus outbreak in China has dampened the country’s economic activities in January, dragging factory output and service activities growth to multi-month lows.
LME nickel dropped 0.4 percent to $17,625 a ton, lead declined 0.4 percent to $2,008.50 a ton while ShFE nickel dropped 1.7 percent to 129,700 yuan a ton and ShFE tin shed 2.4 percent to 164,440 yuan a ton.