Copper prices plummet as concerns over China virus intensifies
London copper dropped to its lowest in 8 weeks on Monday as concerns over the new virus in China intensified after it had claimed 80 victims.
On the London Metal Exchange, prices of 3-month copper fell by 1.9% at $5,812/ton, its lowest price since December 4, 2019. Last week, the contract posted a fall of 5.5%, marking its steepest loss in 5 years.
The Chinese government said that the total number of confirmed cases within the country rose by 30% to 2,744 people. Additionally, the death toll reported a rise from 56 people in the weekend to 80 by Monday.
Due to this, China said that it would extend the week-long Lunar Year Holidays to February 2 in attempts to contain the virus.
Market fears about the virus severely disrupting growth of the global economy was fanned further after the World Health Organization (WHO) deemed it an “emergency in China” last week.