Copper Sinks to $6,952 Due to Stimulus Tapering Fears

Like gold and silver prices today, copper took a dive due to investor fears surrounding the future of the U.S. Federal Reserve’s stimulus tapering.

On the London Metal Exchange, three-month copper prices dropped $22.94 to reach $6,952 a tonne, Reuters reported.

Copper futures for March delivery on the Comex in New York also shed $0.015 to $3.17 a pound, according to The Wall Street Journal.

Positive U.S. economic data has sparked investors fears over the stimulus. Traders fear tapering of the program could dampen economic growth and hurt demand for copper, which is used in manufacturing and construction.