Copper price drops to $ 9,110 per tonne amid concerns over demand outlook
The price of copper fell on Wednesday, a sign that the outlook for global growth is worsening. Investors are bracing for a slower but still robust economic recovery from the pandemic and a gradual tightening of monetary policy, as inflation concerns set in.
Copper for December delivery fell 1.2% from Tuesday’s settlement price to $ 4.141 per pound ($ 9,110 per tonne).
Concerns about the outlook for demand have so far been largely focused on China, where manufacturers face a power shortage, but signs of a slowdown are emerging in Europe as well.
German factory orders fell 7.7% in August, the third largest drop in 30 years, according to official data.
