Copper remains weak on oversupply worries, drop in Chinese imports

Comex Copper remains on the back foot in Asia after China reported drop in imports on Wednesday and on concerns of oversupply.

At the time of writing, Comex Copper was down 0.24% at $2.487/tonne. The metal dropped from the high of $2.51 to $2.491 on Wednesday.

Chinese imports dropped in November

Chinese metal exports fell in November, with its copper shipments at the lowest since January, customs data showed on Wednesday.

Meanwhile, according to the International Copper Study Group (ICSG), falling copper market deficit is also weighing over the prices.