The reddish metal was still losing value in the aftermath of the June minutes of the U.S. central bank indicating the body is unlikely to initiate a third round of quantitative easing any time soon. The minutes were released on Wednesday and revealed some officials require more indications of economic weakness in order to move forward with intervention.
"In essence we're in a market right now that you can look at all the big consuming regions and you either have weak growth or slowing growth, hence metals demand is not extremely strong either," analyst Michael Widmer with Bank of America Merrill Lynch told Reuters. "In China, underlying copper demand is not that strong. The government is trying to stimulate the economy but seasonally July and August are not good so you won't see (the impact of) stimulus until the fourth quarter."
At 12:46 p.m. on Thursday, copper futures dropped 0.77 percent, a 0.0265 cent loss to $3.421 per pound.
The Wall Street Journal correlates the sinking price of copper futures with the downward trend of the euro as economic concerns for the 17-nation bloc continue.
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