Drop in Chinese Imports and LME Stock Increase Keep Copper Weak
Copper prices plunged to the lowest level in more than a month on Thursday, weighed down by trade data that showed Chinese metal imports dropped sharply in November and news that indicated a surge in stocks on the London Metal Exchange.
According to Chinese customs data showed on Wednesday, the country’s refined copper imports were recorded at 276,730 tons last month. November’s reading was down 22.86% in comparison with the same month a year earlier and marked the lowest since January.
Coupled with a declining demand from the world’s top copper importer, a 62% increase of copper inflows into the LME also dragged the metal’s prices down.
Sell Stop at 2.4700, Take profit at 2.4500, Stop loss at 2.4800