Copper Drops for Third Day

Copper prices are at their lowest levels since May 16, with the red metal slipping $78.67 in London today to $7,151.25 a metric ton – a decrease of $78.67.  This is the third day of declines for the metal as trade and industrial production data from China – a top consumer of copper – were lower than expected.

“China’s data over the weekend stoked concern over demand in China, depressing the metals markets,” Hwang Il Doo, a senior trader at Korea Exchange Bank Futures Co. in Seoul, told the source.

In the United States — another major consumer of copper— investors remain cautious the Federal Reserve may slow its stimulus program.

Copper futures for July delivery on the Comex in New York were also down $0.003 to $3.2325 per pound, Bloomberg reported.