Copper prices carried their downward streak to the fourth day in the period when Congo’s supply was expected to increase.
Copper carried the longest loss streak since April to the fourth day, with the expectation that supply will increase in an environment where demand is sluggish.
The developments in Congo also have a significant impact on prices.
Billions of dollars worth of copper and cobalt deposited in mines in Congo are expected to be shipped more quickly after the wages dispute is resolved.
In a note, researcher Mysteel said the additional supply could lead to lower premiums in the Chinese spot market, which is currently experiencing a seasonal demand stagnation. It was stated that copper from Congo could start to reach China this month.
China’s weak recovery has put pressure on copper this year. The second-quarter growth of China, the world’s largest metal importer, announced on Monday and below expectations, also caused an extra downward effect on prices.
Copper prices were priced at $8,430 per ton in LME transactions. The decline since Thursday has reached 3 percent.