Copper prices dropped Monday, posting a fresh multiyear low, with the coronavirus pandemic damaging demand for raw materials and changing the way business is conducted on one of the world’s biggest metals exchanges. In another sign of the pressure facing metals producers, Freeport said Monday it is suspending its first-quarter dividend to shareholders. Copper production is now sure to exceed consumption this year, she said, leading to a buildup in supplies and weighing on prices. Copper prices are likely to come under more pressure as production in metal-intensive industries slows down. One potential bright spot for the copper market is China, which accounts for just under half of global copper demand and where business is slowly getting back up to speed after widespread lockdowns earlier in 2020.

Source: Wall Street Journal March 23, 2020 14:27 UTC