Copper drops 1.56% for third day amid broad sell-off in metals
Copper price fell 1.56% to $6.5565 per pound in its third consecutive session of decline, amid a US inflation shock and easing strike risks in Chile.
The price of copper fell 1.56% to $6.5565 per pound, recording its third consecutive session of decline, according to Mining.com.
The decline came after higher-than-expected US inflation data and easing risks related to a potential strike at Chilean mines, two factors that prompted investors to sell.
The drop in copper was accompanied by a broad sell-off in Asian stock markets tied to demand for AI chips, reinforcing risk aversion during the session's trading.
Copper is considered a barometer for the health of global industrial activity, as it is used in infrastructure, electronics, and electrical industries, making its movement a focus for investors.
What do these terms mean?
Copper: A key industrial metal used in electricity, construction, and electronics, monitored as an indicator of economic activity.
Pound: A unit of weight used in pricing certain metals in US markets, with one pound equal to approximately 0.45 kilograms.
Risk aversion: The tendency of investors to sell high-risk assets and hold safe assets when uncertainty increases.
Weekly Newsletter
Read between the lines before everyone else. Decode the most important economic, tech, and decision-maker movements in the region.. in 5 minutes every Saturday.
