Copper for delivery in three months on the London Metal Exchange dropped $42.07 to $7,012 per tonne, according to Reuters. China’s demand for copper has fallen recently as construction has wound down in tandem with the country’s economy, which is also beginning slow.
However, Helen Lau, senior metals analyst at UOB-Kay Hian Securities, stated, ”[w]e should not be too bearish because the outlook for demand in the second half is good.”
China asserted on Monday that it plans to boost investment in the property sector, and will also change some fiscal and pricing systems in order to bolster the construction of new buildings.
On the Comex, copper prices fell $0.04 to $3.16 per pound, according to CME Group.