Copper Falls on Declining US Durable Goods Orders

Copper on the London Metal Exchange for delivery in three months fell 0.4 percent to $6,582 per tonne on Wednesday, according to Bloomberg. Investors are waiting for more economic data due out later in the day, and are already reacting to declining U.S. durable goods orders and dropping consumer confidence. In addition, the price of oil is at its lowest in nearly four years.

“The lower oil prices cast a shadow on metals as well,” Richard Fu, director for Asian commodity trading at Newedge Group SA, said in a note.

In New York, copper on the Comex is trading today near eight-month lows, having fallen 0.6 percent to $2.861 per pound, Bloomberg reported.