Copper Falls to $6,428.77 a Tonne on China Worries

Indicators of slowing demand in China led to the price of copper falling further on Wednesday, according to Bloomberg. China’s producer price index has fallen 2.7 percent this month in a year on year comparison.

Three-month copper fell 1 percent on the London Metal Exchange to$6,415 a tonne. Meanwhile, copper for delivery in March on the Comex lost 1.2 percent, to trade at $2.893 a pound on Wednesday afternoon.

Tim Evans, the chief market strategist at Long Leaf Trading Group, told the news outlet, “Lower producer prices would suggest economic slowing. People look at it as a forward-looking indicator, and that doesn’t suggest a positive outlook for metals.”