Copper Slips as Dollar and Yields Rise, Virus Concerns Simmer
(Bloomberg) -- Copper posted its first loss in four sessions as U.S. Treasury yields advanced and concerns over the coronavirus simmered.
The metal for three-month delivery fell 0.2% to settle at $9,356 a ton on the London Metal Exchange, after gaining as much as 0.5% earlier. A gauge of the dollar rose as much as 0.3% before paring gains, while the yield on 10-year Treasuries advanced three basis points.
Base metals had been rebounding this week as China’s success in containing a sprawling Covid-19 outbreak shored up confidence in the demand outlook.
“The mood was brighter when China reported zero cases of the virus, but the pandemic is still not over,” Edward Meir, an analyst at ED&F Man Capital Markets, said by phone. “That will still impact metals demand, so we’re not going to see runaway prices in an environment like this.”
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