Government Shutdown is No Good For Copper

Copper prices were down across the board today, as the industrial metal took a another hit from the continued government shutdown in the United States.

Copper futures for delivery in three months were down to $7,207 a tonne in London, marking a fall of $50.45 from the previous session, Bloomberg reported.

On the Comex in New York, copper futures for December delivery slid $0.02 to $3.28 a pound, according to The Wall Street Journal.

Investors are closely watching the U.S. government’s moves on the federal budget and debt ceiling.

“It is still a case of waiting and watching on developments in Washington,” brokers with RBC Capital Markets said, the WSJ reported.