Copper futures dropped to their lowest price in about 16 weeks on Tuesday, pulled down by concerns about Greece's present debacle with inconclusive elections and the nation's questionable future as a member of the euro zone, according to Reuters.
The industrial metal's performance on Tuesday marks its third consecutive trading session of losses amid concerns that the situation in Greece will prove to be harmful to the world economy. The reddish metal is sensitive to global economic and financial situations due to its myriad uses in manufacturing, construction and other industries.
"It's an erosive process in the existing 'no-risk' atmosphere," said Bill O'Neill, partner of LOGIC Advisors in Upper Saddle River, New Jersey. "Until we get out of this gloom, commodities like the industrial metals and oil are not going to have any sponsorship."
At 3:26 p.m. on Tuesday, copper futures fell 1.62 percent, a 5.75 cent loss to $3.4965 per pound.
Dow Jones Newswires reports the industrial metal is set to notch its eighth drop in the past 10 trading sessions and the outlook for the reddish metal also is not very bright.
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