- Copper prices are lower for a second straight day, with concern about the outlook for metals demand from China hitting mining stocks, including RIO -1.1%, BHP -0.9%, SCCO -0.9%, FCX -0.5%.
- Comex copper for March delivery fell 1.6% to $3.10/lb., and has retreated from last month’s three-year highs amid doubts that consumption from China, the world’s largest consumer of base metals, will continue to support high prices.
- China's government warned last week of a possible bubble in stock markets and initiated measures to reduce financial market risks, resulting in "interest rates in China rising further, which also appears to be seen as a warning signal of tighter liquidity,” Commerzbank (DE:CBKG) analysts say.
- But demand from China generally has been strong this year and copper’s supply-demand fundamentals look solid good going into 2018, says INTL FCStone strategist Edward Meir, who does not see a major move lower.
- ETFs: JJC, DBB, CPER, BOM, BOS, JJM, CUPM, BDD, RJZ, BDG, UBM, HEVY
- Now read: Freeport-McMoRan: Bullish Copper Will Ultimately Outweigh Indonesia
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Copper slides on worries over Chinese demand
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