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LME Copper Slips As Virus Death Toll Continues To Rise

14 Feb 2020 8:13 am
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Mumbai (Commodities Control) – Copper prices on the London Metal Exchange (LME) fell on Friday, as the rising death toll from the coronavirus in China dented the demand outlook for the metal.

Three-month copper on the LME declined 0.3% to $5,775.50 a tonne by 0227 GMT, while aluminium dipped 0.3% to $1,743 a tonne, nickel fell 0.7% to $13,195 a tonne and lead fell 1.2% to $1,869.50 a tonne.

The death toll in China's Hubei province, the epicentre of the epidemic, has risen by 116, with the total number of cases up by nearly 5,000, health officials said on Friday.

China is a major consumer and producer of many base metals.

The most-traded copper contracts on the Shanghai Futures Exchange rose 0.3% to 45,850 yuan ($6,565.85) a tonne, aluminium fell 0.3% to 13,680 yuan a tonne, and nickel edged down 0.2% to 105,450 yuan a tonne.

The Chinese economy will grow at its slowest rate since the financial crisis in the first quarter, but the downturn will be short-lived if the outbreak is contained, a poll showed.

The London Metal Exchange's annual event in Hong Kong could be postponed due to the coronavirus, the exchange said on Thursday.

Canada's First Quantum Minerals Ltd posted a surprise profit, helped by higher sales and production, driven by a ramp up of its Cobre Panama copper mine.

(Commodities Control Bureau)

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