Copper Deepens Slump From Record as Traders Eye Demand in China [Yahoo! Finance]
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HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
Most Read from Bloomberg YouTuber Dr Disrespect Was Allegedly Kicked Off Twitch for Messaging Minor Nvidia Rout Takes Breather as Traders Scour Charts for Support Trump Could Actually Lose Florida. Here's Why. Rivian Gets $5 Billion Lifeline in Joint Venture With Volkswagen Julian Assange Leaves Court ‘Free Man,' Ending 14-Year Drama The metal has shed 14% since rocketing to a record above $11,000 a ton in May. Soft market conditions in top consumer China have handed copper's more bullish investors a reality check, and prices have continued to decline even amid tentative signs of a demand recovery. “The sharp rise of the copper price in May undermined downstream demand, leading to higher inventory,” HSBC Holdings Plc analysts including Howard Lau wrote in a note. “However, we believe pent-up demand will gradually be released with the price correction seen from mid-June onward.” Copper dropped 0.5% to $9,519.50 a ton on the London Metal Exchange at 2:15 p.m. in Shangha
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