Copper for December settlement on the Comex division of the New York Mercantile Exchange declined 2.55 cents or 0.9% to $2.9555 per lb.
“Beyond the short term, we also have a constructive view on LME copper, because we think that the concentrate market will tighten, which will in turn affect the refined market; and demand should prove robust in this global reflationary environment,” Boris Mikanikrezai, Metal Bulletin analyst, said.
Meanwhile, China is already enforcing some restrictions on copper imports, cutting quotas and limiting the number of licences in some regions of the country, sources told Metal Bulletin, although a full ban on scrap copper imports has not yet been confirmed.
In the precious metals space, Comex gold for December delivery dipped $1.40 or 0.1% to $1,287.50 per oz.
Currency moves and data releases