Copper’s positive bounce was short lived.
Copper’s positive bounce was short lived. The red metal was down again on October 9 with three-month prices in London hitting $7,167.50 a tonne, a drop of $70.96 from the previous session, according to Reuters.
On the Comex in New York, copper futures for December delivery were down about $0.02 to $3.27 a pound, Investing.com reported. Earlier in the session, prices fell to $3.26 a pound – the lowest price since October 4.
The U.S. government shutdown continues to drag down prices of the metal as did concerns over negotiations regarding the U.S. debt ceiling, Investing.com reported. Another factor impacting copper prices was a lower growth forecast for China. The International Monetary Fund dropped the forecast to 7.6 percent from 7.8 percent.