{"id":1179615,"date":"2020-04-21T14:47:57","date_gmt":"2020-04-21T19:47:57","guid":{"rendered":"https:\/\/www.mining.com\/?p=1021147"},"modified":"2020-04-21T14:47:57","modified_gmt":"2020-04-21T19:47:57","slug":"copper-price-plunges","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1179615","title":{"rendered":"Copper price plunges"},"content":{"rendered":"<p>Industrial metals fell back on Tuesday after a <a href=\"https:\/\/www.mining.com\/web\/oil-plunges-below-zero-for-first-time-in-unprecedented-wipeout\/\">collapse in oil prices<\/a> rattled markets and convinced traders that global demand destruction for commodities may be worse than feared.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Copper trading in New York fell by 7.3% to $2.1495 a pound ($4,740 a tonne) in early afternoon trade, a three-week low. Last month, the bellwether metal briefly traded below $2.00, levels last seen during the global financial crisis of 2008-2009.<\/p>\n<p>Weakness in the copper price came despite early signs that activity in top metals consumer China is beginning to return to normal.<\/p>\n<p>Reuters reports copper stockpiles in warehouses overseen by the Shanghai Futures Exchange fell to 303kt from a four-year high above 380kt last month. Inventories in Chinese bonded warehouses also dipped.<\/p>\n<p>While Chinese refined\u00a0copper\u00a0output in March fell by 2.5% year on year to 771kt, the lowest since May last year, production over the first quarter was up slightly from Q1 2019. <\/p>\n<p>Chinese smelters also pumped out more zinc\u00a0(+4.7%) and\u00a0lead\u00a0(+2.2%) in March than the same period last year.<\/p>\n<p>Price falls on the LME was more subdued \u2013 aluminium was down by nearly 1% at $1,490 a tonne, zinc fell 1.7% to $1,914, nickel slipped 2.3% to $12,225, lead lost 1.5% to $1,663 and tin declined 2.5% at $14,840.<\/p>\n<p><strong>SEE ALSO<\/strong>:&nbsp;<a href=\"https:\/\/www.mining.com\/chart-40-year-cost-curve-shows-copper-price-route-likely-over\/\">40-year cost curve shows copper price rout likely over<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Down 7% as oil price implosion rattles commodity markets.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1179615"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1179615"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1179615\/revisions"}],"predecessor-version":[{"id":1179621,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1179615\/revisions\/1179621"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1179615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1179615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1179615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}