Copper Deepens Slump From Record as Traders Eye Demand in China [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg 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. ADVERTISEMENT “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 Shanghai, heading for a fourth daily decline and its lowest close since April 16. Aluminum and zinc also fell on the LME. Industrial metals had staged a broad rally through mid-May on hopes for a pick-up in global consumption and long-term bets on supply tightness. Still, China's patchy economic recovery and
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