Copper prices fell due to rising inventories
Istanbul, 4 February (Hibya) – Copper fell about 1% on Wednesday to $6 per pound (0.45359 kg) as inventories increased in major trading hubs such as Shanghai, London and New York, wiping out gains from the previous session.
As investors assessed physical demand for copper as weak and supply as ample, the “red metal” declined, decoupling from gold and silver, which rose for a second day on safe-haven demand.
On Tuesday, copper jumped nearly 5%, posting its best daily gain since November 2022, driven by a broad recovery across metals after a historic selloff.
Chinese producers also bought to replenish inventories at lower prices, while officials from a state-backed industrial group called for an increase in strategic metal reserves.
In corporate developments, Glencore agreed to sell 40% of its stakes in two African copper operations to a US government-backed group, as Washington seeks greater control over critical minerals.
British News Agency
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