Copper Falls to $6,643 per Tonne as Chinese Manufacturing Index Contracts

London Metal Exchange copper for three-month delivery fell less than 0.1 percent this morning, to $6,643 per tonne, as per Bloomberg Businessweek. Similarly, copper futures for May delivery rose 0.1 percent, or $0.003, to $3.029 per pound on the COMEX in New York.

The news outlet notes that those slight gains came on the back of news that China’s manufacturing index fell to 48 in March, the lowest level since July. Readings under 50 signal a contraction, which is not positive for copper.

However, China Securities Journal said in a commentary that the country may increase spending to bolster demand. “The stimulus story is perking up copper,” Adam Klopfenstein, senior market strategist at Archer Financial Services, told Bloomberg Businessweek. “Also, some buyers are returning after the sharp drop in prices.”