Copper Dips on Weaker China Demand

The copper price fell on the London Metal Exchange Tuesday in the face of weaker demand from China, which consumes nearly 40 percent of the world’s copper.

Copper fell 0.61 percent to hit $6,316 a tonne. This comes on the heels of a 0.7 percent drop on Monday.

“Scrap imports into China have continued to fall so it doesn’t appear Chinese demand has rebounded,” Nomura analyst Patrick Jones told Reuters. “Therefore, copper prices could remain depressed into the first quarter, a seasonally weak quarter for demand.”

Meanwhile, copper on the Comex fell 0.14 percent to $2.871 per pound, according to FX Street.