Chinese Data Expectations Cause Copper to Fall, Hitting $7,280 a Tonne in London

Prices for three-month copper sunk $36.40 to $7,280 a tonne on the London Metal Exchange August 21, according to Bloomberg. In New York, copper for December delivery dropped $0.023 to $3.3175 a pound early in the session.

The commodity was under pressure today since investors estimate an incoming report will reveal that manufacturing in China – copper’s biggest consumer – declined this month. The Chinese factory gauge will be released tomorrow.

In addition, minutes from the Federal Reserve’s latest policy meeting will be reported later today, which has dampened copper prices since the U.S. is the metal’s second-largest consumer.