China Demand Keeps Copper From Falling Below $6,984

Copper prices came down today from one-month highs seen July 22. On the London Metal Exchange, three-month copper fell $44 to $6,984.75 a tonne. The day before, copper prices were at $7,053 a tonne, Reuters reported.

A strong demand in China kept copper prices from falling even lower today, according to the source.

“Still, the underlying story hasn’t changed,” Dominic Schnider, an analyst at UBS Wealth Management in Singapore, told Reuters. “It’s a sell-the-rallies market because in the second half we don’t expect a re-acceleration of China and instead we may be facing disappointment.”

U.S. copper prices were at $3.1688 a pound, a slight increase of $0.007, Kitco reported.