The copper opened lower on Friday as risk aversion spread across financial markets and investors took advantage of taking profits after two days of rallying prices.
As reported by the Reuters agency, at 12:30 GMT (07:30 am Peru time), the three-month red metal on the London Metal Exchange (LME) lost 0.7% to US $ 9,918 per ton , after hitting the “psychological threshold” of $10,000 on Thursday.
“Copper and the rest of the metals sector are cooling down a bit today. We are running into some profit-taking after that strong rally and it is also because we have a risk-off sentiment in the stock market,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
Stock markets fell following the late decline in the United States, as fears about the pace of the Fed’s monetary policy tightening and weaker-than-expected earnings weighed on investor sentiment.
But copper, often used as a barometer of global economic health, is on track to post a weekly gain of more than 2%, supported by supply concerns, low inventories at exchange-linked warehouses and a host of policies. expansive in China, the world’s leading consumer.
The March copper contract, the most traded on the Shanghai Futures Exchange, ended the session 0.6% higher at 71,290 yuan ($11,246.61) a tonne.
Nickel in Shanghai rose as much as 5.2% to a record 179,780 yuan a tonne, but was down 0.4% on the LME at $23,695 a tonne, after hitting $24,435 a day earlier, its share highest since August 2011.
Aluminum fell 1.4% to $3,069 a tonne and zinc fell 0.1% to $3,646, but lead added 1% to $2,372 and tin was little changed at $43,500. .
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