Copper Caps Worst Week Since January as Glut Concerns Mount
- Stockpiles on LME post first consecutive gains in 2 months
- Copper drops 3.8 percent for biggest weekly loss since Jan. 8
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Copper capped the biggest weekly loss since January amid mounting concern over the pace of production cuts amid signs of slowing demand.
A glut of refined metal and weakness in China, the world’s largest consumer, may maintain pressure on prices, Ken Hoffman, a senior industry analyst at Bloomberg Intelligence, said in a report Thursday. China’s refined-copper production has surged, he said. The U.S. Federal Reserve signaled caution over the global economy in minutes of its March 15-16 meeting released on Wednesday.