• 2 days Chinese Stocks Rebound After Regulatory Scare
  • 4 days Apple Stocks Falls After Blowout Earnings Report
  • 4 days The 5 Biggest IPO Disasters Of 2021
  • 5 days Crypto-Based ‘Shadow Financial Market’ Spooks Regulators
  • 8 days Ireland Balks At Biden’s Global Tax Plan
  • 11 days Robinhood To Trade On Nasdaq Targeting $32B Valuation
  • 15 days Facial Recognition Is Watching You
  • 16 days Biden’s $3.5T ‘Human Infrastructure’ Workaround
  • 16 days The Fed’s $3 Trillion Headache
  • 19 days Why Bitcoin Could Struggle To Recover After Epic Crash
  • 19 days Wells Fargo Back In The Spotlight Over Personal Loan Cancellations
  • 20 days Delta Variant Real Threat To Economic Recovery
  • 23 days JEDI Drama Continues With Microsoft Contract Cut
  • 25 days DiDi Shares Take a Beating From Chinese Regulators
  • 26 days Thousands Of Companies Hit In Latest Ransomware Attack
  • 26 days Jobs Report Has Big Numbers, But Still Big Problems
  • 27 days Robinhood’s ‘Mission’ Questioned in $70M Fine
  • 30 days Didi Just Went Public, And Uber Is Loving It
  • 31 days Islamic Finance On Track To Hit $3.7 Trillion
  • 32 days The Lumber Bubble Is Bursting
The Unsung Hero In The Race To Go Green

The Unsung Hero In The Race To Go Green

A team of international scientists…

Indonesia Moves To Bolster Mining Sector

Indonesia Moves To Bolster Mining Sector

Government policy in Indonesia will…

Why Chinese Rare Earth Prices Are Soaring

Why Chinese Rare Earth Prices Are Soaring

The prices of Chinese-sourced rare…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Industrial Metals

Copper Slides Under Coronavirus Concerns

Copper Slides

The copper price dropped further on Monday as the deadly coronavirus outbreak in China, where 40 million people are now under lockdown in the central part of the country, added to worries about slowing economic growth in the globe’s top commodities importer.

Seven consecutive down days in New York saw copper for delivery in March losing 7.2 percent in value, falling to a seven-week low of $2.678 a pound ($5,905 a tonne) in New York. 

Caroline Bain, chief commodities economist at Capital Economics in London said in a research note previous epidemics, such as the outbreak of SARS in February 2003, may offer a rough guide on what to expect going forward:

Back then, the Goldman Sachs Commodity Price index initially shed more than a tenth of its value, but this loss was fully recovered a few months after the disease was brought under control in July 2003.

Cooling economy

China imports more than half the world’s copper and controls more than three-quarters of the seaborne iron ore trade.  

Iron ore stabilized after losing 3.4 percent yesterday with benchmark  Northern China import prices for 62 percent Fe fines tracked by Fastmarkets MB pegged at $93.71 a tonne on Friday.

Capital Economics said even before the coronavirus outbreak, cooling property construction was likely to weigh on economic activity and industrial metals and minerals prices in China in the coming quarters.

Global copper output has fallen, and full-year imports of refined copper fell six percent in 2019, but concentrate imports surged to 22 million tonnes an 11.6 percent gain on record imports the year before. Chinese imports of iron ore topped 1 billion tonnes for the third year in a row in 2019.

By Mining.com 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment