Copper heads for weekly loss, retreating from record high

Copper heads for weekly loss, retreating from record high

LONDON: Copper prices on Friday were on course for their first weekly decline since the start of April as rising inflation fears and a dip in demand from China dragged prices down.

Benchmark copper on the London Metal Exchange (LME) was 0.9% lower at $10,245.50 a tonne at 1624 GMT, having scaled a record high of $10,747.50 on Monday.

It was down about 1.5% over the week.

Many analysts expect the metal, used in construction and power, to rise further as the global economy rebounds and moves from fossil fuels to copper-intensive electrification.

“Supply is relatively tight while demand keeps expanding,” said WisdomTree analyst Nitesh Shah. “I think it will start going up again.”

Chinese demand for copper is likely to remain strong as local governments plough money into infrastructure, he added.

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