Copper Falls to Eight-Month Low of $6,608 per Tonne

Copper fell to $6,608 per tonne on Monday, an eight-month low, as weak Chinese trade data and the crisis in Ukraine impacted investors’ choices, according to Reuters.

“Clearly there’s an unwind of positioning in the credit markets in China, and as a result of that, copper which was being held as collateral against that credit is no longer required,” Guy Wolf, global head of market analytics at Marex Spectron, told Reuters.

Copper for May delivery on New York’s Comex fell 1.3 percent or $0.040 to trade at $3.0435 a pound, according to Bloomberg.