The industrial metal, which is sensitive to economic and financial developments due to its variety of uses in industry like manufacturing and construction, lost 4 percent of its value last week to slump to its lowest price in eight months. When Monday's trade session opened, the reddish metal continued those losses before slowing down.
"The selling seems to be taking a holiday, momentarily," commodity research vice president Sterling Smith with Citibank's Institutional Client Group in Chicago told the news source. "We are seeing calmer markets … Nothing bad happened over the weekend, which I think the markets were a bit aggressive about trying to price in on Friday."
At 12:45 p.m. on Monday, copper futures edged down 0.03 percent, a 0.001 cent loss to $3.3125 per pound.
Friday's lows for the reddish metal were attributable to the U.S. Labor Department releasing employment information that was weaker than anticipated and China indicating weaker manufacturing, The Wall Street Journal reports. The Asian nation is the globe's largest consumer of copper.
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