Weekly Copper Review: COMEX futures tumble around 3% for the week amid weak Chinese demand

Copper futures turned lower, witnessing heavy losses as LME Copper inventories hit highest in more than four-months. COMEX Copper futures slumped near $6 per pound, giving up around 3% this week amid volatile equities. Chinese demand worries remain in place. China?s October copper concentrate imports slumped 11% from a year earlier, customs data showed. Imports of copper concentrates, the main feedstock for smelters, fell to 2.17 million tonnes (Mt) from 2.45Mt a year earlier and 2.48Mtin September, according to the China?s General Administration of Customs. Shipments in the January-to-October period fell 3.8% to 24.14Mt from 25.09Mt a year earlier. Imports of unwrought copper and copper products also edged down 1.7% to 453,000 tonnes in October from 461,000 tonnes in September. MCX Copper futures tanked in tune with global prices and neared Rs 1300 per kg mark.

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