Economic growth falling to its slowest pace in 24 months in the top copper demanding nation reduced the price of the industrial metal's futures, according to Bloomberg.
Less than half of the 70 cities in China monitored by the government saw prices of houses increase for a second consecutive month in September and copper is used in the construction of houses. The third quarter saw China's gross domestic product gain slightly more than 9 percent as compared to one year prior, marking the slowest increase since 2009, according to the Asian nation's bureau of statistics.
"It's mostly on GDP data," analyst Daniel Briesemann with Commerzbank in Frankfurt told Bloomberg. "The Chinese economy expanded in the third quarter somewhat weaker than expected. The downward trend of past quarters thus continues, although a 'hard landing' is still not in sight."
At 8:28 a.m. on Tuesday, copper futures decline 2.95 percent, a 9.95 cent fall to $3.2785 per pound.
Reuters reports Chinese production of steel and power also slipped during the third quarter, which augments preoccupations about economic concerns in the euro zone.
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