Copper Slips to $6,385 per Tonne

Copper fell one percent to $6,385 per tonne on the London Metal Exchange today, according to Reuters. Uncertainty about the Chinese economy, paired with bleak economic data from Europe, initiated the drop.

“The market remains in a state of flux and until there’s a stabilization in oil prices, it’s going to be difficult for base metals prices to consolidate,” Nicholas Snowdon, metals analyst at Standard Chartered, told Reuters. “China remains a big question mark and there’s a very pervasive destocking cycle ongoing along the Chinese supply chain.”

On New York’s Comex, copper also fell, losing 1.1 percent to trade at $2.865 per pound, according to Bloomberg.