SHFE Copper prices decline 1.4% this week

SHANGHAI (Scrap Monster): Copper prices on the Shanghai Futures Exchange ended down 1.4% for the week amid market uncertainty in the wake of recent major political events.

The February copper contract settled at 56,020 yuan ($8,901) per tonne on Friday November 9, up 350 yuan from last session, but down from 56,810 yuan per tonne a week ago.

“While there are expectations that China will launch more stimulus measures, the lingering eurozone debt issue and weakening stock markets in the USA and have dampened the rebound in copper prices,” said a Shanghai-based analyst.