Copper prices, which had been rising since April due to potential US tariffs on the metal, had led to a decrease in inventories at the London Metal Exchange (LME) and in China, as well as record shipments to the US.
With recent developments, prices have begun to decline once again.
According to a report by Huatai Futures, producers in China are being forced to limit demand due to high prices. Last week, the capacity utilization rate of primary copper rod producers fell to 74 percent, while that of cable manufacturers dropped to 70 percent.
As of 10:58 Shanghai time, copper prices on the LME fell by 0.3 percent to 9,980 dollars per ton. In the previous session, prices were above the 10 thousand dollar level. Different trends were observed in other industrial metals; lead rose by 0.4 percent to 2,067.50 dollars per ton, reaching its highest level since March 27. Aluminum, meanwhile, followed a flat course.
News Source: 12punto
