MT: Copper prices fall 1.2% on China property lending scare
London Metal Exchange copper prices dropped by 1.2% on an official basis on Monday February 24 following reports that Chinese banks are cutting lending to property developers and other related companies.
Three-month copper settled at $7,061/61.50 per tonne in the officials, down 1.24% on its previous official price and below its opening level of $7,150 per tonne, which was also the red metal's intraday high. Sentiment was knocked during Asian trading hours by reports that several banks were tightening lending to companies including property developers and steel and cement suppliers. The news sent the Shanghai composite down 1.75%, while the renminbi slid against the dollar, continuing a run of losses seen at the end of last week. The property sector is a major contributor to China's overall demand for copper,...
