Copper Dips on Weak Chinese Data

Bloomberg reported that copper plummeted to levels not seen since August on poor manufacturing data out of China.

As quoted in the market report:

The Chinese data came in below expectations, and the realization may be starting to set in that demand isn’t picking up as much as people thought it would,” Harry Denny, a broker at Hoboken, New Jersey-based PVM Futures Inc., said in a telephone interview. “The expectations for China are high, and they’re just not there. Stocks of copper are also very high.

To view the whole Bloomberg report, click here.