Three-month copper on the London Metal Exchange fell 2.6% to $8,047 a tonne after falling to its lowest level since early February 2021 at $7,955 a tonne.

Copper fell to a 17-month low as inflation and manufacturing data reinforced fears that tightening central bank policy would push the economy into recession and hurt demand for the metal. type.

Three-month copper on the London Metal Exchange fell 2.6% to $8,047 a tonne after falling to its lowest level since early February 2021 at $7,955 a tonne.

Eurozone inflation hit a new record in June, looking alarmingly high, providing more impetus for the ECB.

Even some upbeat news from China failed to support sentiment. China’s manufacturing activity in June grew at its fastest pace in 13 months, as output rebounded strongly. But US manufacturing activity slowed more than expected in June, to a two-year low.

On the London Exchange, copper prices fell for the fourth consecutive week, recording their worst second quarter since 2011, down 20.4%. Prices are down 4% this week.

Prices for other industrial metals also fell, with zinc down 9% this week and aluminum falling for a sixth straight week.

Source: VINANET/VITIC/Reuters

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