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