For key market participants in Europe's struggling copper industry, the coronavirus (2019-nCoV) epidemic further limiting demand for products was the last thing they needed.
Europe, typically, consumes 16% of all global refined copper, but endured a torrid 2019 when demand for the metal dropped significantly in several major economies.
A reduced need for copper in the continent shaves yet more units off of what was expected to be a period of deficit for the metal globally, with February's prolonged quarantine also hitting Chinese consumption.
"For the market in general, let's be clear - China has stalled so Chinese demand is not going to return at previous levels short term, which will have a global impact on copper demand, obviously," Christophe Allain, global portfolio director for nonferrous metals at Nexans, the world's second largest cable manufacturer, told Fastmarkets.
"My personal view is that we should put more pressure on futures exchange prices," Allain added.
The London...