Sumary of Copper falls, weighed by jitters over new COVID-19 variant:
- Article content London copper prices fell on Friday, as a newly identified COVID-19 variant in South Africa fueled concerns over its impact on economic growth.
- Three-month copper on the London Metal Exchange fell 1% to $9,706 a tonne by 0555 GMT.
- The most-traded January copper contract on the Shanghai Futures Exchange fell 1.5% to 70,850 yuan ($11,085.56) a tonne.
- Article content Stocks suffered their sharpest drop in three months in Asia on reports of the new variant, driving investors towards the safety of bonds, the yen and the dollar.
- There is enough upside for copper prices with the physical availability of the metal being pretty scarce, the trader said adding, for 2022 the demand picture looks questionable with buyers becoming cautious with the prices rising “too quickly.
- ” On-warrant LME copper inventories though edged up to 62,950 tonnes, is still down nearly 74% from 238,725 tonnes in August.
- Copper stocks in ShFE-registered warehouses were at 34,918 tonnes, the lowest since June 2009. Article content Copper is often used as a gauge of global economic health due to its widespread application in many sectors.