Copper headed for its worst weekly loss since 2022 and iron ore extended a slump toward US$100 a ton as a policy meeting in China failed to lay out more stimulus to shore up metals demand.
Rolls of copper foil at the Zhejiang Huanergy Co. production facility in Jinhua, China , on Friday, May 31, 2024. --
Copper prices have retreated from a record hit in May on concerns about the strength of demand in China, where growth was the slowest in five quarters in the three months to June. The outcome of the Third Plenum, a key conclave of Communist Party officials in Beijing this week, has so far showed few signs of major steps to boost demand or arrest a long-running property slump.
In sign of weak demand, global copper inventories have ballooned in recent months. Stockpiles held in warehouses tracked by the London Metal Exchange have more than doubled since mid-May to hit the highest since September 2021, with most of the build-up seen in Asian sheds. Metals traders, meanwhile, are also monitoring the fallout from a 7.4 magnitude earthquake that struck in Chile, 45 kilometers outside San Pedro de Atacama in the country’s northern copper and lithium mining region.
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