The bright optimism that initially met traders and investors has rapidly subsided as the nation hosting the fourth-largest economic system in the euro zone sought bailout funding over the weekend. Euro zone finance ministers agreed to loan Spain the euro equivalent of $125 billion to rescue the hobbled banking sector. Copper typically demonstrates an adverse reaction to economic and financial developments due to its myriad uses in construction, manufacturing and other industry.
"With the knee-jerk reaction to the Spanish bailout quickly fading, the base metals continue to drift sideways to lower, with focus remaining on the euro zone," base-metals strategist Leon Westgate with Standard Bank told The Wall Street Journal.
At 2:55 p.m. on Tuesday, copper futures lost 0.09 percent, a 0.003 cent slip to $3.34 per pound.
The reddish metal on Monday climbed in value for the first time in three trading sessions after China indicated imports increased 12 percent from April to May, Bloomberg reports.
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