Copper Slips on China, Eurozone Data

Reuters reported that copper prices fell, backing away from 4 1/2 month highs on weak data from China’s manufacturing sector and the Eurozone’s service sector.

As quoted in the market news:

Three-month copper on the London Metal Exchange closed down 1 percent at $8,265 a tonne, coming off an intraday low of $8,194. Prices touched their highest levels since early May on Wednesday, supported by a surprise decision from the Bank of Japan to further ease its monetary policy.

The benchmark industrial metal has gained 13 percent since early August on optimism over bond buying by the European Central Bank and stimulus measures in the United States and China, but is still shy of a yearly peak of $8,765 hit in February.

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