LONDON- Copper prices bounced but remained on track for the largest weekly drop since June due to worries about demand in top consumer China, the possible withdrawal of US central bank stimulus and rising COVID-19 infections.
Benchmark copper on the London Metal Exchange was up 1.8 percent at $9,055 a ton after touching $8,894 a ton on Thursday, the lowest price since April 1. Prices of the metal used widely in the power and construction industries are down more than 5 percent so far this week.
“Negative factors haven’t gone away, but the question is whether they have been fully priced in or if there is more to go,” a copper trader said. “On positioning, it looks like most longs (bets on higher prices) have been cut or reversed into shorts.”
