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Copper goes back into negative territory on speculation

Bnamericas Published: Monday, May 23, 2016
Copper goes back into negative territory on speculation

After a one-day break on Friday, the price of copper resumed its negative trend and fell on Monday in London, as speculative investors are betting against commodities.

Spot copper closed 1.26% lower at US$4,572/t (US$2.074/lb) on the London Metal Exchange from Friday's US$4,630.50/t, according to Chilean state copper commission Cochilco.

"Metal prices are continuing to show their weak side. After having already fallen for most of last week, they still find themselves under pressure across the board as the new week of trading gets underway," said a note from Commerzbank.

The German bank attributed the drop to speculative financial investors, as these "have been withdrawing very obviously from metals or have been increasingly betting on falling prices."

Aluminum closed 2.1% lower on Monday at US$1,526/t while lead was down 2.8% to US$1,646.50/t and nickel fell 2.5% to US$8,310/t. Zinc dropped 2.4% to US$1,832/t, tin was 3.3% lower at US$15,925/t and molybdenum was flat at US$15,300/t.

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