Worries about the state of the global economy pulled down the price of copper futures on Monday, marking the industrial metal's fourth consecutive trading session of losses, according to Reuters.
Near-term demand for the reddish metal is on the wane and prices have slipped roughly 12 percent since early May. Copper is sensitive to worldwide financial and economic developments due to its uses in manufacturing, construction and other industry.
"The world seems overtly pessimistic about economic activity, and I think that's probably wrong," commodities trader and editor/publisher Dennis Gartman with The Gartman Letter told the news source. "The Chinese will soon be cutting both their reserve requirements and interest rates, and I think it's only a matter of time, maybe a week or two, before the ECB is asked by the Spanish to support the Spanish bond market."
At 4:33 p.m. on Monday, copper futures fell 1.15 percent, a 0.039 cent loss to $3.3655 per pound.
The Wall Street Journal reports disappointing economic news about the reduced pace of growth and development in Japan during the second quarter also pulled down copper futures on Monday.
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