Copper futures were dropping in value on Tuesday as news broke about the globe's top consumer of the industrial metal seeing a reduced amount of imports, Reuters reports.
Reduced Chinese metal imports could translate to a lower demand outlook and increased evidence that the sovereign debt scourge is impacting the global economy. The debt crisis has been in effect for about three years and efforts to restrain it have largely been for naught.
"There's been some responses by central bankers to deteriorating conditions (and) we've had some positive news flow out of Europe, but I wouldn't call this a strong market at all," analyst Dan Brebner with Deutsche Bank told the news source. "Growth is going to remain sluggish over the next couple of months with the possibility of further deterioration in the U.S. and China, and my expectation is this will continue to weigh on metals markets."
At 2:13 p.m. on Tuesday, copper futures fell 1.12 percent, a 0.0385 cent drop to $3.393 per pound.
The Wall Street Journal reports the reddish metal's losses were tempered by euro zone finance ministers agreeing to aid debt-riddled Spanish banks.