Copper Down to $7,249 a Tonne in London

Copper prices took a hit today as U.S. lawmakers struggle to come to an agreement regarding the U.S. debt limit and the government shutdown continues, Bloomberg reported.

“Prices have come back under pressure as debt ceiling jitters re-emerge,” Leon Westgate, a London-based analyst at Standard Bank Plc, said in a report today. “The market is still trading as if a solution will be reached; however, an element of panic is starting to creep in.”

Copper prices for delivery in three months fell $8.69 from the previous session to $7,249 a tonne, Reuters reported.

On the Comex in New York, copper futures for December delivery lost $0.006 to $3.301 a pound, Bloomberg reported.