Concerns for Spain, its handling of debt and its fiscal issues are dragging down demand for industrial metals. The reddish metal is sensitive to economic and financial issues due to its myriad uses in construction, manufacturing and additional industry. Concerns are spreading anew about two-time bailout aid recipient Greece leaving the 17-nation euro bloc after German media reported global regulator the International Monetary Fund might decline additional funding for the Aegean nation.
"I can't see anything over the next couple of months to support copper," analyst Robin Bhar with Societe Generale told Reuters. "We don't think quantitative easing is likely (in the U.S.) until early next year. There's more scope for China to relax (monetary policy) but we'll have to wait till later in the year."
At 10:19 a.m. on Monday, copper futures fell 2.64 percent, a 0.091 cent loss to $3.357 per pound.
Bloomberg reports traders of the industrial metal likely minimized bets that copper futures would lose value.
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