January 10, 2011
COPPER in London dropped for a fifth session yesterday, heading for its longest losing streak in seven months, after surging to a record $US9754 a tonne during last Tuesday's trading.
Copper for three-month delivery on the London Metal Exchange fell as much as 0.6 per cent to $US9360 a tonne before trading at $US9373 yesterday afternoon.
It is down for a fifth day, the longest period of decline since June, when it traded at $US6101 a tonne.
Copper, which is used for wires and cables, is in great demand as emerging economies install more electricity and telecommunications infrastructure, but also because renewable energy sources use copper.
Shipments of copper and products fell 2 per cent to 344,558 tonnes from 351,597 tonnes in November, the General Administration of Customs said on its website yesterday. Total imports in 2010 were little changed from a year earlier at 4.29 million tonnes.
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