China’s Economic Data Pushes LME Copper to $6,882 a Tonne

Three-month copper prices fell today before bouncing back to $6,882 a tonne on the London Metal Exchange (LME). Earlier in the session, the metal plummeted to $6,820 a tonne, its lowest level since July 10, Reuters reported.

Copper was helped by a weakening dollar. However, slow economic activity in China, copper’s top consumer, has kept prices for the metal from rising higher.

On the COMEX in New York, copper futures for September delivery are at $3.103 a pound, a fall of $0.003, The Wall Street Journal reported.

“China has become the focus as a number of analysts have come out with declining growth estimates for this economy,” RBC Capital Markets brokers said in a note to clients, according to the publication. “With China heading toward its slowest growth in 23 years, metal markets have little in the way of a global story to help them pick their head up.”