Copper Stumbles on Chinese Data

Copper on the London Metal Exchange was down $29.25 to $7,312 per tonne from the previous day’s close on January 22, according to The Wall Street Journal. Chinese economic growth slowed last quarter, as data released this week showed, which had a significant impact on copper prices. However, the outlook for copper is not unilaterally poor, as inventories are steadily declining, which the Journal notes could signal increased demand from manufacturers.

On New York’s Comex, copper for March delivery dropped 1.6 cents, or 0.5 percent, to $3.335 a pound. The same factors impacted Comex copper as influenced the metal’s price on the LME.