LONDON, Jan 28 (Reuters) – Copper prices headed towards their biggest weekly decline since October on Friday as the prospect of central bank tightening reduced investor appetite for risky assets and boosted the dollar.
European fell again and Chinese equities slumped to 16-month closing lows, though U.S. markets steadied. The dollar touched its strongest against a basket of major rivals since June 2020, making metals costlier for non-U.S. buyers. (.DXY)
Benchmark copper on the London Metal Exchange (LME) was down 2.8% at $9,508 a tonne at 1655 GMT and down about 4.5% this week.
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Prices hit a record high of $10,747.50 in May but stalled as worries emerged over the strength of economic growth, particularly in top consumer China.
Price weakness could last through China’s New Year public holiday next week, typically a time of low demand, said Saxo Bank analyst Ole Hansen.
He added,…
