Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Copper extends decline from 17-month highs

Published 11/15/2016, 07:47 AM
© Reuters.  Copper futures pull back from 17-month highs
HG
-
MZIc1
-
TIOc1
-

Investing.com - Copper prices were lower on Tuesday, extending its decline from the highest level since June 2015 amid speculation prices rallied too hard and too fast.

Copper for December delivery on the Comex division of the New York Mercantile Exchange slumped 5.8 cents, or 2.3%, to $2.463 a pound by 7:45AM ET (12:45GMT).

It soared to a 17-month peak of $2.734 last Friday, amid expectations that a Donald Trump presidency could unleash a flood of infrastructure spending.

Trump stated during the campaign that he would spend more on repairing aging roads, airports, ports and take on other infrastructure projects.

Prices of the red metal rallied nearly 11% last week after Trump raised the prospect of increased infrastructure spending, while recent signs of strengthening demand in China have also underpinned prices.

Copper is regarded as a leading indicator of the global economy. It is used in the construction of buildings, power generation and transmission and the manufacture of consumer electronics.

Elsewhere in metals trading, iron ore slid 9% in Singapore to $68.58 a metric ton, extending a decline from a two-year peak of above $80.00. The price soared by a record 27% last week.

Meanwhile, zinc fell 1.9% in London, reversing earlier gains and retreating from the highest level in almost seven years.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.