Copper becomes cheaper amid concerns about demand
Copper prices are falling on Friday due to the decline in Chinese stock indices. At 10:01 a.m., March futures on the Comex exchange fell 1.45% to $3.61. Copper was up 0.49% at the end of yesterday - It closed at $8048.5 a tonne with delivery in 3 months. Today the negative factor is falling on Chinese exchanges. The Shanghai Composite at the time of writing was already showing weak gains of 0.013% after declining earlier, but the Shenzhen Composite was still down (-0.25%). Dynamics on Chinese exchanges are having an impact on copper as the country is its biggest consumer - investors are showing investors are worried about demand for the metal. In addition, the coronavirus situation is weighing on prices, worsening the outlook for the global economy. Players fear an additional tightening of quarantine, which will stall production and will lead to a drop in demand for copper, which is an industrial metal.