Copper plumbs five-week low on Chinese demand concerns

Copper prices slid in American trade on track for the third consecutive daily loss, hitting a five-week trough and heading for the third weekly decline in a row, as concerns mount over actual demand levels from China, the world's largest metals consumer. 

Copper fell 1.3% to $2.893 a pound, which is the lowest since August 17, after opening the session at $2.932, with an intraday high at $2.946. 

Copper prices lost 0.8% yesterday as most commodities and metals lost ground after the cut in China's credit ratings. 

Standard and Poor's cut its long-term credit ratings for China by one degree, noting the increased risks due to the rapid credit growth in the country, which is expected to weigh on economic growth in the world's second largest economy. 

Copper lost 1.5% so far this week, on track for the third weekly loss in a row, the longest such streak since late July, 2016, with traders collecting profits after prices hit three-year highs at $3.177. 

Chilean state-owned Codelco, the world's largest copper producing company, said recently that copper futures are overpriced, and that recent gains are unsustainable, after prices surged over 17% year-to-date.