TOKYO -- Bearish sentiment is growing for copper as dozens of new smelters that had been planned to lift output in anticipation of robust demand now open after pandemic-induced delays at a time when demand does not seem it will be as robust as anticipated
The benchmark three-month copper futures on the London Metal Exchange ended Tuesday at $8,110.50 per tonne, 15% below the year-to-date high in January. The month-end prices have been sagging since August. Other metals are also weak, with nickel, widely used in batteries for electric vehicles, tumbling 43%. Zinc and lead are down 31% and 10%, respectively.
