Copper Dips to $2.639 a Tonne

On the Comex, copper dropped by 0.64 percent for May delivery, settling at $2.623 a pound, Investing.com reported.

Additionally, data revealed China’s HSBC manufacturing index reached 50.1 points for the month of February, which is just above the 50-point level, representing growth as opposed to contraction for the month. This number was above market predictions, and copper traders considered it to be an indicator of China’s demand for copper.

China is the world’s largest copper consumer, responsible for almost 40 percent of the world’s purchases in 2014.