News about a decreased amount of industrial orders in the autumn from the euro zone helped push down copper futures for a second consecutive day on Thursday, according to Bloomberg.
Though the European Union's statistics office stated orders increased 1.8 percent in October as compared with the month prior, economists had forecast the increase to be 2.5 percent, according to the news service. Stockpiles of copper under the purview of the London Metals Exchange dropped 0.2 percent to 368,400 tons, according to daily exchange figures.
"Copper has been selling since London opened on euro-zone concerns again," states an email to Bloomberg from trader Robert Montefusco with Sucden Financial in London, which also notes the industrial metal gained in value earlier on Thursday following buyers in China capitalizing on the chasm between prices on the LME and the Shanghai Futures Exchange.
At 9:45 a.m. on Thursday, copper futures dropped 1.3 percent, a 4.45 cent slip to $3.39 per pound.
Agence France-Presse reports Codelco, the state mining firm of Chile, is set to buy 49 percent of a copper mining venture. Chile is the globe's top supplier of the industrial metal.
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