Copper prices dropped as investors regarded its recent rally as mainly driven by speculators rather than supply/demand factors.
China’s unwrought copper imports fell in October from a month earlier to their lowest since April as prices soared to their highest in more than three years.
Chilean miner Codelco said prices could test record highs above $10,000 a ton as the supply-demand balance shifts to “substantial” deficits from 2018.
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