Copper heads for largest weekly loss in 17 months

Copper prices fell on Friday, as markets assess the Chinese virus outbreak and its impact on Beijing's economic activity, which has put the industrial metal on the course of its worst week in 17 months (since August 2018.)

The coronavirus claimed 25 victims in China, and more than 800 infected cases, in addition to confirmed cases in the US, Saudi Arabia, Japan and Scotland.

But the World Health Organization reassured that there is no reason to declare a global emergency, but preparations must be made in case of an epidemic.

China is trying to contain the infectious disease by putting two cities and placing the suspected cases under quarantine, which came amid the country's preparation for the New Lunar Year holiday.

Copper March futures fell by 0.9% to $2.70 per pound as of 14:39 GMT, after hitting a day high of $2.73 and a low of $2.69.