Copper Falls to $6,843 a Tonne on Indications of Slowing Chinese Economy

Copper fell 0.52 percent or $35.58 to trade at $6,843 a tonne on Tuesday, according to Reuters. Chinese data on investment, retail sales and factory activity suggests the country’s economy is slowing. However, other conditions are favorable to copper.

“The copper market is tight inside and outside China,” Joel Crane, an analyst at Morgan Stanley in Melbourne, told Reuters. “Inventories are falling; we are in the midst of peak Chinese demand season; Chinese producers are going to export less; scrap availability is low … there are a lot of things acting to improve its fundamental picture.”

Copper futures for July delivery on New York’s Comex dropped 0.3 percent or $0.009 to $3.14 per pound, according to Bloomberg.