Three-month Copper Falls to $7,097 per Tonne Ahead of China Data

Today, three-month copper on the London Metal Exchange fell $46, to $7,097 per tonne, according to Metal Bulletin. Copper dropped on the COMEX​ as well, sinking 0.5 percent, or $0.016, to $3.215 per pound.

Investors are awaiting data from China that is expected to show a continuing slowdown in the country’s economy — that would be significant for copper as China is the world’s largest consumer of the metal. This uncertainty has led investors to avoid the copper market, Bill O’Neill, a principal with commodities investment firm Logic Advisors, told The Wall Street Journal. “Without those buyers, there isn’t much hope for the price of copper to go anywhere,” he said.