Copper drops to US$5,990 a ton

Business | 26 Jul 2019 11:07 am

Copper prices dropped today, on track for their first weekly decline in three, as comments from European Central Bank President Mario Draghi were less dovish than hoped after the bank held rates steady at its latest meeting, Reuters reperts.

An aggressive easing by a major central bank generally supports growth and helps lift metal prices.

Three-month copper on the London Metal Exchange (LME) was down by 0.3 percent at US$5,990 a ton, while the most-traded copper contract on the Shanghai Futures Exchange eased by 0.1 percent to 47,020 yuan (US$6,838.58) a ton.

LME copper dropped by 1.2 percent so far this week, slated to snap two consecutive weekly gains.

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