(Bloomberg) — Copper fell for the third day in a row as Chinese factories were reluctant to pay record prices. Hawkish comments from Fed bankers also pressured base metals.
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Prices have fallen about 7% from Monday’s record as a surge in bullish bets pressured short position holders to exit trades. Copper posted its biggest intraday drop in almost two years on Wednesday, amid profit-taking by bullish investors and new signs of lower demand in China.
Factories in the world’s largest consumer of metals are struggling to pass on rising copper costs to customers who make products ranging from air conditioners to home electronics.
Copper’s record rise “shows signs of moderation,” Jinrui Futures Co said in a note. However, China’s promise to increase stimulus along with expectations of tighter supplies may support elevated prices in the near term. , the firm said.
Copper fell 0.8% to US$10,339.50 a ton on the London Metal Exchange at 11:12 a.m. local time.
Original Note: Copper Extends Decline as Record Prices Deter Buyers in China
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