Copper Slides in Thin Trading as Global Metal Stockpiles Rise

Copper declined in thin trading on the London Metal Exchange as rising stockpiles of the red metal and a selloff in US technology stocks weighed on sentiment.

Futures in London fell as much as 2.1% to dip below $12,600 a ton, with global inventories tracked by the London Metal Exchange rising for an 11th day and reaching the highest level since March. Copper and other industrial metals got off to a sluggish start with Chinese markets closed for the Lunar New Year holidays, and came under further pressure as US equity markets reopened lower following the Presidents’ Day holiday on Monday.