London copper prices edged lower, hovering near a three-month low hit in the previous session, as worries mounted over the potential economic impact of a fast-spreading coronavirus in China.
Three-month copper on the London Metal Exchange (LME) dipped 0.1 percent to $5,739 a ton, on course for a 10th consecutive loss. The contract hit its lowest since Oct. 18, 2019 in the previous session at $5,726 a ton.
China said 106 people had died from the virus, up from the previous toll of 81, while the number of confirmed cases rose to 4,515 as of Jan. 27, up from 2,835 reported a day earlier.
The virus, which belongs to the same coronavirus family as Severe Acute Respiratory Syndrome (SARS), is expected to hurt economic growth in China, a major producer and user of many metals and also the world’s second-biggest economy. SARS killed 800 people worldwide in 2002 and 2003. — Reuters
