Copper Set for Worst Week Since 2022 as China Plenum Disappoints
- Metals driven lower as Beijing refrains from major stimulus
- Global copper inventories have ballooned in recent months
Copper — used in pipes, wiring and batteries — has retreated from a record hit in May on concerns about the strength of demand in China, where growth was the slowest in five quarters in the three months to June.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Copper headed for its biggest weekly loss since 2022 and iron ore extended a slump toward $100 a ton as a policy meeting in China failed to lay out more stimulus to shore up metals demand.
Futures for copper have fallen by about 5% in London this week amid a broad retreat that’s also battered aluminum, tin and nickel. The complex was also dragged lower on Friday by a shift away from risk assets and a stronger US dollar.