Not Even Glencore Can Lift the Sagging Copper Market
- Copper gained almost 5% in the week of Glencore's output cuts
- Market focus has since shifted to renewed concerns on China
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The biggest cuts to copper production this year haven’t been enough to overcome the drumbeat of China’s slowdown.
While copper is still up about 2.5 percent after Glencore Plc said it would reduce its output, the advance has stalled on renewed fears about consumption in the country that accounts for more than 40 percent of global demand. Even an 8.3-magnitude earthquake in Chile, the world’s largest copper miner, failed to send prices soaring.