Copper Experiences Major Losses, Falls to $7,174.75 a Tonne

Oct. 01, 2013 10:57AM PST

Copper prices fell Oct. 1 to their lowest levels since the beginning of September.

Copper started the final quarter of 2013 at its lowest price since early September. Investors fear the U.S. government shutdown will dampen economic growth and manufacturing activity, which affects the industrial metal, Bloomberg reported.

On the London Metal Exchange, copper for delivery in three months fell to $7,174.75 a tonne, a drop of nearly $122, the source said. On the Comex in New York, copper lost $0.06 to $3.26 a pound – coming close to the biggest drop since Sept. 4.

For the month of September, copper actually gained 2.8 percent and finished the quarter up 8.7 percent, according to MarketWatch.

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