Chinese Economy Concerns Weigh on Copper

May. 07, 2014 10:06AM PST

London Metal Exchange copper for three-month delivery fell $6 today to trade at $6,658 per tonne. Meanwhile, The Wall Street Journal pegs copper for July delivery on New York’s COMEX as down 1.2 percent, or $0.0365, at $3.0205 per pound.

London Metal Exchange copper for three-month delivery fell $6 today to trade at $6,658 per tonne, according to Metal Bulletin. Meanwhile, The Wall Street Journal pegs copper for July delivery on New York’s COMEX as down 1.2 percent, or $0.0365, at $3.0205 per pound.

“There are worries about China and the speed of their economy that are keeping the bulls away from the copper market,” Sterling Smith, a futures specialist at Citigroup Inc. (NYSE:C), told the Journal.

Also weighing on the copper price was news that the Chinese yuan has fallen against the dollar.

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