The nation hosting the globe's second-largest economy also is the world's biggest consumer of the reddish metal. Also dragging at copper futures on Wednesday was consternation among investors and traders as central bankers begin convening in Jackson Hole, Wyoming, for the Federal Reserve's yearly symposium.
"It is still a pretty ugly picture: the Chinese are still struggling with how their economy is faring given the downturn in Europe and elsewhere," analyst Leon Westgate with Standard Bank told the news source. "Weaker Asian markets are also weighing on metals and thin trading volumes ahead of Jackson Hole are a feature of the market this week. As a house, we are assuming there is going to be some sort of easing but the question is what form that takes, whether it's quantitative easing or some other mechanism."
At 10:08 a.m. on Wednesday, copper futures fell 0.66 percent, a 0.023 cent loss to $3.446 per pound.
Xinhua reports the Chinese minister who oversees the National Development and Reform Commission said the Asian nation's economic development and growth is gradually stabilizing. Zhang Ping made the remarks while briefing national lawmakers.
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