Copper halted a two-day rally with a softer close on Thursday, as prices continued to dawdle beneath recent record peaks and investors priced in a potential dry-spell in Chinese purchases in the coming weeks. Since hitting historic peaks at $9,754 per tonne in London and $4.4980 per lb in New York during the first week of the New Year, price momentum has stalled as macro-economic uncertainties sapped risk sentiment in the high-flying industrial metal.
COMEX copper for March delivery dropped 3.45 cents to settle at $4.3770 per lb, near the bottom of its $4.3585 to $4.4255 session range. Volumes were relatively active with 34,450 lots traded by 2 p.m. EST (1900 GMT), about 10 percent above its 30-day average, according to Thomson Reuters preliminary data.
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