Copper prices suffered sharp losses as new fiscal measures from China, the world’s largest copper importer, were largely disappointing.
Copper futures on the London Metal Exchange fell 0.8% to $9,362.0 per ton, while December copper futures fell 1% to $4.2652 per pound.
China’s National People’s Congress approved about 10 trillion yuan ($1.4 trillion) in new debt measures, aimed at helping local governments.
But the move disappointed investors who had hoped for more targeted fiscal stimulus, especially since data over the weekend showed China’s contraction worsening in October.
“After Trump won the presidential election, markets were hoping for a larger-than-expected stimulus,” analysts at ING Bank said in a note.
