Copper prices tumble on the London Metal Exchange
Written by Millennium on July 4, 2019
SUN BUSINESS REPORTER writes
@SunZambian
COPPER prices on the London Metal Exchange (LME) slid to one-week lows on Tuesday as the spotlight fell on gloomy prospects for economic growth and demand after a batch of weak manufacturing activity data from around the world.
According to Barclays Bank Zambia market update, benchmark copper on the LME traded down 0.5percent at $5,925 a tonne in official rings.
The price of the metal used widely in power and construction earlier touched $5,901.50, the lowest since June 19.
On Gold prices, the bank reported that these gained on Tuesday after a steep fall in the previous session, as investors fretted about an economic slowdown amid weak global manufacturing data and U.S.-European trade ructions.
Spot gold was up 0.6% at $1,392.91 per ounce at 0733 GMT, after falling 1.8% in the previous session, its biggest one-day percentage decline since November 2016.
The bank further reported that oil prices edged up as the Organization of the Petroleum Exporting Countries (OPEC) and its partners are set to extend output cuts until at least the end of 2019 at their meeting in Vienna.
Brent crude futures for September delivery increased $1.89 as high as $66.75 a barrel.
