Copper Prices Decline to $3.283 Amidst Signs of Slowing Chinese Growth

Copper for July delivery fell to $3.283 a pound on the COMEX in New York the morning of May 14, a decrease of $0.0755. A close at that price will be the largest fall since May 1, Bloomberg reported. Copper for delivery in three months also declined today to $7,226 a metric ton (MT) on the London Metal Exchange, a fall of about $180.65 a MT.

Copper prices fell due to rising inventories and in the midst of signs of slowing growth in China, the world’s biggest metal consumer, according to the source.

“We have seen steady selling as more growth downgrades emanate from China,” Michael Turek, a senior director at Newedge Group in New York, told Bloomberg.

Reuters also reported that three-month copper prices on the LME have experienced their biggest decline in two weeks.