Copper Prices Fluctuate Amid Chinese Demand Shift
Copper prices on the London Metal Exchange (LME) rose during Friday’s session, gaining 0.3% to $10,712 per ton by 3:01 p.m. However, prices later stabilized and slightly declined during US trading hours. Despite the brief rise, copper prices remain about 4% lower than the all-time high above $11,200 per ton reached on October 29.
Chinese Import Data Signals Lower Demand
Government data released Friday showed a 9.7% month-over-month drop in China’s copper imports to 438,000 tons in October. This decrease was attributed to reduced buying amid soaring copper prices.
Supply and Market Influences
- Freeport-McMoRan, a US-based company, announced that its Indonesian subsidiary resumed operations at two Grasberg complex mines after a temporary shutdown.
- The US Dollar Index declined 0.2% to 99.5 by 14:33 GMT, after reaching a session high of 99.8 and a low of 99.5.
- In US trading, December copper futures dipped slightly, less than 0.1%, reaching $4.96 per pound at 14:20 GMT.
Bitcoin Faces Consecutive Weekly Losses
Bitcoin fell on Friday amid a global selloff in technology stocks, which reduced investors' risk appetite and pressured cryptocurrencies. The digital asset is heading toward its second straight weekly decline and has dropped in four of the past five weeks. Crypto markets have struggled to rebound following a weak October.
Bitcoin slipped amid broader market concerns, reflecting ongoing challenges for cryptocurrencies after a lackluster month.
Author’s Summary: Copper prices showed volatile behavior due to weaker Chinese demand and supply updates, while Bitcoin’s decline reflects ongoing risk aversion in financial markets.
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