Concern about slumping economic growth decreasing demand for copper pushed down the industrial metal's futures on Monday, Bloomberg reports.
Italy has emerged as a serious concern and risk to euro zone officials as the next European Union nation to come under public scrutiny for sovereign debt turmoil. Italy was the globe's seventh largest consumer of copper in 2010 due to manufacturers like carmakers. In 2010, the nation used 570,000 tons of copper.
Italy "is probably the next risk," analyst Charles Cooper of Oriel Securities in London told Bloomberg. "It's one of the larger economies in Europe, and any concerns over that are clearly going to affect the commodities market."
At 9:16 a.m. on Monday, copper futures dropped 0.85 percent, a 0.0375 slip to $4.3745 per pound.
CNN reports markets on both sides of the Atlantic and beyond were droopy on Monday as a result of concern for Italy's struggle. As the continent's third-largest economy, Italy is set to pick up where Portugal and Greece left off as the nation's prime minister and finance minister publicly argued last week, which raised concerns about the nation's well being.
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