Copper futures dropped in value for the first time in one week amid worries about reduced demand from China, host of the globe's most rapidly growing economy which is attempting to rein in inflation, Bloomberg reports.
While China's economy endures faltering, additional industrial metals also are feeling the pinch. Futures for zinc, another industrial metal used for manufacturing purposes, also dropped in value. A manufacturing index in China revealed August figures hovered between expansion and contraction, a notable metric since the Asian nation is the globe's top consumer of copper.
"Data showed there is no hard-landing risk," analyst Zhang Yu of Yong’an Futures told Bloomberg, noting anticipations about measures to tighten the nation's monetary system will stay in place while inflation remains and shows no signs of fading.
At 9:31 a.m. on Thursday, copper futures decreased 1.25 percent, a 5.25 cent slip to $4.152 per pound.
Reuters reports China reduced export orders, which reduced demand for the industrial metal. But activity at Chinese factories gained for the first time in 28 months in August, providing a slight boost to the industry.
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