Copper Drops to $7,103 per Tonne on Chinese Demand Concerns

Base Metals Investing

Copper on the London Metal Exchange dropped 0.4 percent or $28.41 on Tuesday to trade at $7,103 per tonne, according to Reuters.

Copper on the London Metal Exchange dropped 0.4 percent or $28.41 on Tuesday to trade at $7,103 per tonne, according to Reuters. Data from China showed that the growth rate for the country’s service sector was the slowest in nine years, which caused concern for investors about the outlook for demand for copper. China is the world’s single largest consumer of copper, so these worries have a strong impact on copper’s price. However, some see this drop as an opportunity.

“In a long term [view], I am still bullish on copper,” Naeem Aslam, chief market analyst at Ava Trade, told Reuters. “It is mad not to consider buying into the dips, when growth fundamentals are improving.”

Copper on New York’s Comex dropped 1.05 percent or $0.34 to trade at $3.21 per pound, according to Bloomberg.

The Conversation (0)
×