Copper futures were hovering on Friday ahead of the Group of Eight nation meeting scheduled for the weekend as preoccupations grew for the well-being of the euro zone as 16 Spanish banks were downgraded by Moody's Investors Service, according to Reuters.
Impacting the performance of the reddish metal also was economic data indicating China, the globe's top consumer of the reddish metal, is seeing a reduced pace of development and expansion. The Asian nation hosts the globe's second-largest economy and its most rapidly developing economic system.
"There is the combination of Europe and all that entails, and concerns about the extent of the slowdown in China weighing on prices," metals strategist Stephen Briggs with BNP Paribas told Reuters, noting the Asian nation is likely to demonstrate its resilience.
At 12:44 p.m. on Friday, copper futures fell 0.23 percent, a 0.008 cent loss to $3.471 per pound.
Bloomberg reports concerns are spreading about the U.S. economy, also the globe's largest system. Copper's myriad uses in construction, development and other industry make it sensitive to financial and economic developments.
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