Copper slips as China’s coronavirus outbreak raises demand fears

Copper slips as China’s coronavirus outbreak raises demand fears
Copper slips as China’s coronavirus outbreak raises demand fears

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Jeddah - Yasmine El Tohamy - LONDON: Copper fell on Friday alongside stock markets and oil prices as poor economic data and new coronavirus restrictions in China, the world's biggest raw materials consumer, weakened the outlook for economic growth and demand.
But losses eased after U.S. factory figures showed activity surging to its highest level in nearly 14 years in early January.
Benchmark copper on the London Metal Exchange (LME) was down 0.2 percent at $8,005 a tonne at 1700 GMT, off an earlier low of $7,864.50.

The metal reached an eight-year high of $8,238 on Jan. 8.
"We are just hitting the buffers here," said Saxo Bank analyst Ole Hansen. "Commodities had a phenomenal run, and that just screams correction."
A coronavirus outbreak in China and the upcoming Chinese Lunar New Year holiday may curb industrial activity.

This and slow progress suppressing the virus in Europe and the United States are forcing investors to reassess copper's near-term outlook, he said.
But many analysts, including Hansen, say supply will tighten as the year progresses, pushing prices higher.

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