LME copper price slips 0.5% in week, driven by China

- Friday, January 15, 2010

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The price of copper Friday closed at US$3.359/lb cash on the London Metal Exchange (LME), down 0.5% from the previous week's close. Meanwhile global stock levels rose 2.4% to 716,700t, enough for 2.1 weeks of worldwide consumption.

The week kicked off to positive news about Chinese imports that boosted the LME copper price to a 15-month high of US$3.486/lb cash, according to the latest report by Chilean state copper commission Cochilco.

However on Tuesday (Jan 12) the market suffered a downward correction in the copper price on news that China might tighten up its monetary policy.

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Nevertheless, the LME copper price has been steadily rising since it was at about US$1.50/lb in January 2008.

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