Chinese Economic Data Weighs on Copper

Three-month copper on the London Metal Exchange was down $29.254 or 0.4 percent to $7,313.50 per metric ton Monday after data showed a slowdown in the Chinese economy in the fourth quarter of 2013, according to The Wall Street Journal.

“After the strong rally last week, metals had a bit pull-back so far this morning,” Richard Fu, director of Asian commodities trading at Newedge, told The Wall Street Journal. “Chinese economic figures published early today are more or less in line with estimates, although a big lower than last.”

Copper on New York’s Comex was flat at $3.3435 per pound, according to Bloomberg.