Cop­per on Worst Run in Two Years

The Economic Times - - Commodities Plus -

Cop­per is head­ing for its long­est los­ing streak in two years amid con­cern a glut will per­sist as min­ers press on with cost cuts and banks such as Bar­clays see more losses. The metal sank as much 1.2% to $4,778.50 a met­ric tonne, the lowest in more than a month, and traded at $4,818 on LME. Prices fell for a sev­enth straight day, poised for the long­est run of de­clines since Fe­bru­ary 2014. “Over the past week, cop­per prices have con­verged with our view that the re­cent rally was un­sus­tain­able as it was built on tran­sient tech­ni­cal fac­tors and poor fun­da­men­tals,” Bar­clays said Mon­day. — Bloomberg

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