METALS-Copper heads for sharpest weekly drop in nearly 19 months on virus fears [Reuters]
Freeport-McMoRan, Inc. (FCX)
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Source: Reuters
METALS-Copper heads for sharpest weekly drop in nearly 19 months on virus fears * Virus sparks fears of metals demand hit * Copper stocks in China and LME rise this week (Updates throughout, changes dateline to LONDON) By Zandi Shabalala LONDON, Jan 24 (Reuters) - Copper prices steadied on Friday but remained on track for their biggest weekly fall in almost 19 months on worries that the spread of the coronavirus could hit the Chinese economy and metals demand. China stepped up measures to contain the virus that has killed 25 people and infected more than 800, suspending public transport in 10 cities and shutting temples over the Lunar New Year. The virus is expected to dent China’s growth after months of economic worries over trade tensions with the United States. “If the outbreak is prolonged and deters activities after the New Year’s holidays, it will potentially impact copper demand and that is the main worry at the moment,” said ING Bank’s senior commodity strategist Wenyu Yao. Sn
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- 4/24/24 - Beat
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