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Copper falls on weak Chinese demand
Copper prices fell on Thursday, despite the US dollar fall against a basket of currencies, as the industrial metal came under pressure oversupply in South America and weak Chinese demand.
Copper had jumped to a 2-month high in July, on supply disruptions in Chile due to the coronavirus outbreak, and Chinese demand recovery.
But the mining companies in the South America are ramping up production at a faster rate after several months of lockdowns.
Analysts expect the Chinese seasonally demand for copper to be weak during the third quarter of this year.
The dollar index fell against a basket of currencies by 0.4% to 93.1 points as of 13:27 GMT, after it hit a high of 93.3 and a low of 93.01.
Copper September futures fell 1.7% to $2.86 per pound as of 13:20 GMT, after hitting a session-high of $2.91 and a low of $2.85.
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