Copper Falls on China PMI Data

Copper lost 0.6 percent to trade at $6,359 per tonne on the London Metal Exchange today, according to Bloomberg Businessweek. China’s preliminary manufacturing Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics was a discouraging figure, which impacted copper prices. The index hit a seven-month low of 49.5 for December, a drop of 0.5 from November.

“Disappointing PMI data could well lead to prices breaking support,” Fastmarkets.com analyst William Adams wrote in a note. “The downward trends in most of the metals dominate.”

Copper on New York’s Comex dropped 0.3 percent to $2.8705 per pound.