Copper Falls to to $7,106 per Tonne on Prospects of Increased Supply

Copper for delivery in three months on the London Metal Exchange dropped 0.2 percent or $14.21 to $7,106 per tonne on Tuesday, according to Bloomberg. Stockpiles tracked by the LME, which have declined 59 percent this year to an eight-year low, dropped 0.9 percent today to 149,475 tonnes.

According to Reuters, copper prices fell on the prospect of increasing supplies, which outweighed signs of global economic health.

Copper futures for September delivery on New York’s Comex fell 0.3 percent or $0.01 to trade at $3.23 per pound.