Bars of copper in a storage area at the Valjaonica Bakra Sevojno AD copper mill in Sevojno, Serbia, on Friday, June 16, 2023. --
A heavy selloff in global technology stocks also is raising doubts about the strength of the burgeoning artificial intelligence industry, after investors piled into copper on a bet that usage would surge in data centers and associated power infrastructure. Pessimism about China’s growth trajectory worsened after last week’s Third Plenum — a key meeting of Communist Party officials — failed to deliver the type of stimulus that would support metals demand. Copper fell even as China’s central bank cut a one-year policy loan rate Thursday, just days after reducing another rate, in a bid to revive the economy.
Copper dropped as much as 2.2 per cent to $8,900 a ton and was trading at $9,010 as of 10:47 a.m. London time. Nearly all metals were lower on the LME, with tin declining 2.6 per cent and zinc losing 1.5 per cent.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BNNBloomberg - 🏆 83. / 50 Read more »