Copper trade low on LME

CHINA’S week-long break has resulted in the price of Zambia’s top export earner, copper, trading on a flat note on the London Metal Exchange (LME) yesterday.
According to Reuters, London copper was flat, trading at US$5,696 yesterday, even as much of the region returned to work after a Lunar New Year holiday, but top buyer China remained on a week-long break, draining volume and direction from the market.
China’s stock, bond, foreign exchange and commodity futures markets are closed for the lunar New Year holiday and will resume trade tommorow.
“Three-month copper on the London Metal Exchange was steady at US$5,696 a tonne by 0118 GMT, after one percent losses in the previous session,” Reuters reports.
Meanwhile, Chilean state-run copper producer Codelco expects copper production to be reduced by at least 4,000 tonnes this month following a fire at its El Teniente mine last month.

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