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Three-month Copper on the London Metal Exchange fell $44.31 to reach $6,923.25 per tonne on Wednesday, according to Reuters.
Three-month Copper on the London Metal Exchange fell $44.31 to reach $6,923.25 per tonne on Wednesday, according to Reuters. China remains copper’s largest buyer, Bloomberg reported, and news of a corruption scandal in China’s power grid company, State Grid Corp., could harm the metal, as half of the copper China buys is put into its power grids.
“The key for copper will be the ending of the probe into the placing of tenders by the Grid Corp., which has held up their spending plans,” David Wilson, an analyst at Citigroup Inc. in London, told Bloomberg.
Copper futures for December delivery declined $0.01 to $3.14 a pound, according to Bloomberg.
