London copper fell for the third consecutive week on the back of a general decline in industrial metals

The International Copper Study Group (ICSG) released its monthly report on Thursday showing a global oversupply of refined copper of 51,000 tonnes in January 2017, compared with 44,000 tonnes
a year earlier.
Global refined copper production in January was 1.
976 million mt, while consumption was 1.
925 million mt
, the data showed.
However, analysts at ING said the Escondida strike in February-March meant "next month's report should reflect tighter market supply.
"

Indonesia has issued an export license for 1.
11 million wet tons of copper concentrate to Freeport McMoran Inc.
's Indonesian branch, valid until February next year
, an Indonesian trade ministry official said.
Freeport also warned that workers absent from work without reason at the Indonesian branch would be punished, after a major union announced plans for a month-long strike to demand better employment conditions
.

Rio Tinto on Thursday cut its annual copper production target to 500,000-550,000 tonnes, compared with a previous estimate of 525,000-665,000 tonnes due to strikes at Chile's Escondida copper mine and cuts at
Indonesia's Grasberg mine.

Julius Baer, head of commodity research, said investors overestimated the impact
of global economic growth and supply disruptions at major copper mines.
Copper prices will slip to $
5,200 a tonne over the next three months.
Fusitong analysts said that the technical picture is not very good, and the downward trend of most metals is quite sharp, and it will see a sideways to a downward trend
.