Copper Down Slightly at $6,750 a Tonne

Copper for delivery in three months on the London Metal Exchange fell 0.2 percent or $13.5 Monday to trade at $6,750 per tonne, Reuters reported. Before this slight drop, the metal was trading at six-week highs. Prices have rebounded more than two percent this April, the source said, despite worries about Chinese demand and purchasing.

“People thought the crackdown on LCs (letters of credit) would be bearish for copper because it would result in less imports,” one Chinese trader told Reuters. “Actually it has turned out to be bullish.”

Copper for delivery in July on the Comex in New York remained flat at $3.0925 a pound on Monday, according to Bloomberg Businessweek.