Copper Hits Low of $6,753 a On Dismal Outlook in China

Copper prices took a dive today, falling to their lowest level in nearly three weeks. In London, the metal fell almost 2 percent to a low of $6,753 a tonne July 30 – a drop of $135.06 from the previous session, Reuters reported. Later in the day, the copper made slight gains to hit $6,770 a tonne.

Speculation over weak activity in China’s manufacturing sector has impacted copper prices – as China is the world’s largest consumer of the metal.

“Sentiment right now is not very much in favour of commodities,” said Commerzbank analyst Eugen Weinberg, according to Reuters. “The whole industrial metals complex is under pressure and it is very much about China.”

In New York, copper was also down $.047 to $3.0605 a pound on the Comex today, The Wall Street Journal reported.