Further downside pressure on copper comes following a dip of more than $200 per tonne at the end of last week, as the metal continues to sit in a corrective phase following its surge to a three-year high during the summer.
“Before the weekend a lot of people decided to take some money off the table… the market is now looking to see what happens next. We will probably need some good news to sustain the rallies,” a trader said.
“There could be more short-term selling from the funds that went long in the recent move,” he added.
Copper stocks increased a net 10,300...