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LME copper fell on Friday as the rally lost momentum

 Last Update: 2022-12-21
 Source: Internet
 Author: User

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Copper prices fell on Friday as base metals' week-long rally lost momentum, but copper prices are on track for their best monthly performance since November 2016 amid low inventories and a bright
demand outlook.
Three-month copper on the London Metal Exchange (LME) fell 2% to $9,226 a tonne, but is up 17.
5%
so far in February.

Copper period

LME copper hit its highest level since August 2011 at $9,617 on Thursday, 5.
6 percent
below the record high of $10,190 reached in February 2011.

The Shanghai Futures Exchange's workhorse copper contract for April ended down 2.
1 percent at 67,950 yuan ($10,507.
68) a tonne, but posted its best monthly performance
since November 2016.

Fitch Solutions said in a report that investors are still very optimistic about base metals, especially copper, nickel, lithium and other metals related to the green transition, and short-term prices may further push up
.
However, base metal prices will soon reach highs and retreat
later in the year.
The current price rally is driven by over-optimism about the post-pandemic demand recovery and the trend towards carbon reduction, and more detailed fundamentals will emerge
in the coming quarters.

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