Copper Dips on News From China’s Property Sector

Copper lost 1.1 percent to trade at $6,629 per tonne today, according to Reuters. Data from China about the country’s property sector caused investors some worry over the future of demand in that country. China, the world’s largest single consumer of copper, reported that home prices fell for the second month in October, indicating a lasting downturn.

“The outlook for metals prices is mainly dependent on economic data from China,” Daniel Briesemann, analyst at Commerzbank, told Reuters. “Here we clearly see dark clouds on the horizon so we do not expect metal prices to rise significantly over the next couple of weeks.”

Copper for December delivery on New York’s Comex lost 0.8 cents or 0.26 percent to trade at$3.032 per pound, according to Investing.com.