Preoccupations about the outlook of global health kept copper futures even on Friday as the base metal was barreling toward its worst weekly performance since June of last year, Reuters reports.
The industrial metal was ambling about its lowest value in roughly eight weeks one day after enduring its sharpest losses thus far this year. This week's losses are forecast to run as high as 3 percent.
"The dollar hasn't had much influence of late on the base metals prices, so we can ignore the dollar for the moment. There's still a relatively muted mood in the base metals market," analyst Daniel Briesemann with Commerzbank told Reuters on Friday. "We saw an initial price recovery when trading started this morning, but it seems there is risk-off sentiment today."
At 8:37 a.m. on Friday, copper futures climbed 0.15 percent, a 0.0055 cent rise to $3.576 per pound.
The Wall Street Journal reports demand this week from China, the top consumer of the reddish metal, has not been nearly as high as anticipated during the days when traders and investors returned to markets after celebrating the Lunar New Year.
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