Copper Dips on US Economic Data

Today, London Metal Exchange copper for three-month delivery dropped 0.1 percent, or $6.87, to $6,873 per tonne, according to Reuters. This fall was due in part to news that the US economy weakened sharply in the first quarter.

“The news has forced a number of base metals to turn lower, but the GDP revision is relatively old news and the weakness does not seem to be spilling over into Q2, which is why we think the number may not have much staying power,” INTL FCStone analyst Edward Meir said in a note.

On New York’s COMEX, copper for delivery in September gained 0.5 percent, or $0.02, to trade at $3.16 per pound, according to Bloomberg.