Copper Dips Below $13,000 With Stockpiles, China Demand in Focus

Copper extended losses as investors focused on rising inventories and waning appetite from Chinese buyers, even after some dip-buying emerged earlier this week.

The decline followed a 3.2% slump in the previous session as fresh signs emerged of demand softness in the Chinese spot market, while stockpiles in London Metal Exchange warehouses in Asia jumped. Industrial metals also followed a plunge in silver, which was down nearly 14% as it struggled to find a price floor following a historic market rout.