Futures rout darkens copper's prospects

Gauging copper's prospects at the start of the year, it was easy to be optimistic with prices trading around a four-year high and the market moving into a sustained deficit.

But a mix of soft global premiums, a futures rout and growing warehousing stocks have prompted the cheery mood to quickly evaporate and are contributing to a negative near-term outlook for the red metal.
In the United States, the most-active March-delivery Comex copper contract settled at $3.189 per lb on Wednesday January 17, the lowest level since December 20, when the contract closed at $3.187 pr lb.

Likewise, the three-month contract on the London Metal Exchange slipped to $7,034 per tonne at the...


Dalton Barker

January 18, 2018

00:59 GMT