Copper's slide from record reflects reality of weak demand, rising stocks, analysts say [Globe and Mail, The (Toronto, Canada)]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Globe and Mail, The
Fox said copper prices are still too high, and that to fully reflect fundamentals, they should be below US$11,000 a ton. At last week's record, prices of the metal used to make wiring for conducting electricity ?were well above the ?level analysts say is needed to incentivise investment in new production in the coming years. On ?Monday, prices hit a three-week low at US$12,414.50, a ?drop of 9 per cent in the two most recent trading sessions, with investors ?retreating after U.S. President Donald Trump's appointment of Kevin Warsh as the next chair of the Federal Reserve ?pushed up the dollar higher. The macro picture also undermines the case for copper bulls. Trump's tariffs and trade wars have pressured manufacturing activity around the world over the past year. Factory activity in some parts of the world expanded in January, offering policymakers some assurance the hit from higher U.S. tariffs has ?run its course for now, but the growth was from a low base and followed mon
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