Copper Prices Set to Snap Six-Week Win Streak Amid Demand Concerns
Copper prices declined on Friday and are set to snap their six-week win streak due to concerns over demand prospects. Benchmark three-month copper on the London Metal Exchange dropped by 0.56% to $14,069 a metric ton at 0300 GMT.
The metal is expected to end the week near its starting price after experiencing six consecutive weekly gains. There are worries about metal demand despite inflationary pressures cooling down and interest-rate fears receding.
Fastmarkets analyst Andy Farida expressed doubts about the sustainability of strong momentum in base metals, citing subdued wage growth as a concern. The benign US inflation data has reduced the likelihood of a US Federal Reserve rate hike next month, which could have negatively impacted copper prices by dampening economic activity.