The slowing pace of the globe's most rapidly developing economic system helped pull down the price of copper futures to its lowest since early January, Reuters reports.
The prospect of lessening demand from China, also the globe's largest consumer of the reddish metal, pinched the industrial commodity's market performance. Tuesday's showing on the markets was impacted by an underwhelming jobs report for March issued by the U.S. Department of Labor late last week. Copper is sensitive to economic and financial developments due to its myriad uses in construction, manufacturing and other industries.
"This bares light on the copper move today," head precious metals trader Frank McGhee with Integrated Brokerage Services in Chicago told Reuters. "Overall, especially in the industrial side of things, it will be a much lower market over the next 60 to 90 days."
At 2:58 p.m. on Tuesday, copper futures fell 1.8 percent, a 6.7 cent slip to $3.653 per pound.
Dow Jones Newswires reports losses to the reddish metal, which now has reached three consecutive days, were linked with the world's reserve currency gaining value on Tuesday.
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