As weak demand prospects were reinforced by the latest round of U.S. - China talks on Monday, Copper prices fell to their lowest in two and a half weeks which failed to yield signs of a breakthrough in the long-running trade row.
Benchmark copper on the London Metal Exchange was down 1.2%. Prices of the metal used by investors as a gauge of economic health fell to $5,718 a tonne earlier in the session, the lowest since Sept. 4.
“You can’t predict the twists and turns in this trade war or the tweets that are driving this market,” said Guy Wolf, Head of Market Analytics at Marex Spectron.
“Underlying physical demand is not that bad, but we’re in an environment where people are using a “just-in-time” inventory cycle, so they won’t be caught out if things get worse.”