Copper extends losses on Chinese oversupply

Copper prices fell during Thursday’s trading, extending the losses that began in the Shanghai Futures Exchange where they recorded their lowest levels in more than a week, amid increased supply from China, the world’s largest consumer of copper.

The most active copper contract on the Shanghai Futures Exchange dropped below the key psychological level of 80,000 yuan ($11,256.51) per ton, falling 1.35% to 79,600 yuan per ton, according to Reuters.

During Thursday’s session, the most active copper futures on the London Metal Exchange fell 0.4% to $9,960.50 per ton, after hitting a two-week low of $9,925 on Wednesday.

This came after official data showed that China’s refined copper production rose 15% year-on-year in August, approaching its all-time high.

Meanwhile, the US dollar index rose by 0.6% to 97.4 points at 15:28 GMT, after reaching a high of 97.6 points and a low of 96.8 points.

As for US trading, December copper futures fell by 0.8% to $4.59 per pound at 15:18 GMT.