Copper Drops to $6,136 per Tonne

Three-month copper on the London Metal Exchange fell 0.2 percent to $6,136 per tonne today, according to Bloomberg. So far this year, the metal’s price is down by 2.6 percent. This is in part because the prospect of Greece exiting the eurozone could be daunting for investors.

“Any development on Greece triggers earthquakes in the broader market from bonds to equities, from which commodities cannot survive,” Fang Junfeng, an analyst at Shanghai Cifco Futures Co., told Bloomberg. “I won’t be surprised if copper extends losses,” he added.

Copper on the Comex in New York rose slightly this morning, up 0.4 cents or 0.14 percent to$2.77 per pound, according to Investing.com. This is not far off yesterday’s prices, which were the lowest since June 2010.