Copper futures dropped to their lowest prices in 12 months on Thursday as global economic issues are proving to be harmful to industries that make use of the reddish metal, according to published reports.
The Chinese market for the metal has tightened as a factory index in the world's top consumer of the industrial metal indicated reduced use, according to Bloomberg. Concerns about a second economic plunge as the U.S. struggles to recover from the Great Recession also reduced demand for the industrial metal. Euro zone nations also are navigating challenges presented by the sovereign debt crisis,
"Copper's almost like a symbol of the bigger commodity markets," analyst Kevin Norrish with Barclays in London told Bloomberg. "There's evidence of increasing fundamental tightness that's not feeding into prices because of macroeconomic concerns."
At 10:16 a.m. on Thursday, copper futures fell 6.67 percent, a 25.1 cent drop to $3.513 per pound.
The past 12 months have seen the reddish metal lose roughly 20 percent of its value.
As the industrial metal hovers around $3.50 per pound, Reuters reports these prices are roughly comparable to those of September 2010.
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