Copper Falls to $6,470 per Tonne in Fourth Day of Losses

Three-month copper on the London Metal Exchange fell 0.1 percent or $6.47 to trade at $6,470 per tonne on Wednesday, according to Reuters. This represents a 44-month low due to serious worries about credit troubles in China and the potential of this situation to create an oversupply of the metal.

“As you get on the one hand a freeing up of the official channels through the deregulation of the market, you also get a drying up and clamping down on those unofficial shadow banking channels,” Nic Brown, head of commodities research at French bank Natixis, told Reuters of China – the world’s largest consumer of copper.

Copper futures on the Comex lost 0.45 percent or $0.02 to trade at $2.939 per pound, according to Investing.com.