Copper Sinks to $7,311.50 a Tonne in London

Concerns that the Federal Reserve will soon discontinue its stimulus plan, thereby curbing copper demand, pushed the red metal down on August 19. According to Bloomberg, copper for three-month delivery on the London Metal Exchange dropped $87.74 to $7,311.50 a tonne, or $3.31 a pound.

Similarly, in New York, copper futures for September delivery fell $0.034 to $3.3290 a pound, The Wall Street Journal reported.

“Tapering is still in the air, and real Chinese end use of copper doesn’t seem to be that strong,” David Wilson, a London-based analyst at Citigroup, told Bloomberg. China is the largest consumer of the commodity in the world.