Copper Prices Take a Hit as China’s Economy Slows

Copper prices in London hit a low today not seen in more than a month as economic growth slows in China – the top metal consumer. Three-month copper prices on the London Metal Exchange hit $7,070 a tonne June 10 after falling to a low of $7,055 earlier in the session, Reuters reported.

The metal was down 6 percent for the quarter as of June 10, the source said.

“There’s really no incentive for anybody to look to buy side at the moment,”  Wiktor Bielski, an analyst at VTB Capital, told Reuters. “In the short term, the weak Chinese data was clearly a negative.”

On the Comex in New York, copper prices were down $5.70 to $318.40 a pound, according to Bloomberg.