Copper for Three-month Delivery Falls to $7,198 per MT in London

Copper for delivery in three months fell on the London Metal Exchange to $7,198 per metric ton, a 0.6-percent decline, Bloomberg reported.

On the COMEX in New York, copper for July delivery fell $0.50, to $3.238 a pound, according to The Wall Street Journal. The decline in copper prices is a result of recent data showing Europe’s continued recession and reports that US industrial production declined more than expected in April.

The source said the Eurozone’s economic output has fallen for the sixth straight quarter. Copper prices are “sensitive” to this economic news because of the metal’s widespread use in manufacturing and construction, the article states.