Copper depreciates amid fears for demand
Copper prices fall on Friday due to declines in Chinese stocks indices. At 10:01 am, futures for March on the Comex exchange fell by 1.45% up to $ 3.61. At the end of yesterday, copper showed an increase of 0.49% - at closing, it amounted to $ 8,048.5 per ton with delivery in 3 months. Today, a negative factor is the fall on the PRC stock exchanges. The Shanghai Composite Index at the time of this writing is already showed weak growth of 0.013% after falling earlier, however The Shenzhen Composite was still falling (-0.25%). Dynamics on Chinese exchanges have an impact on copper, since this country is its largest consumer - investors show concern over demand for metal. In addition, the situation with the coronavirus exerts pressure on prices. worsening the prospects for the world economy. Players are afraid additional tightening of quarantine, which will slow down production and will lead to a decrease in the demand for copper, which is industrial metal.