Copper Drops to $21,553 a Tonne as Chinese Inflation Slows

Copper dropped 1.09 percent to reach $2,553 a tonne, according to Investing.com. The drop follows reports that Chinese inflation has slowed to its lowest level in five years.

China’s central bank has cut reserve requirements in an attempt to promote lending and boost economic activity last week. The Asian nation is the world’s largest consumer of copper, accounting for almost 40 percent of the world’s consumption last year.

Copper prices on the New York Comex fell by 0.31 percent to reach a session low of $2.572 a pound.