Concerns about demand for industrial metals pulled down copper futures on Wednesday as the reddish metal ceased four consecutive days of gains, according to Reuters.
Europe and China released weak economic data, which heightened preoccupations about demand for copper. The losses come despite efforts by central banks to spur economic development and growth with various methods of intervention, such as the U.S. Federal Reserve announcing last month it is commencing a third round of quantitative easing.
"We seem to go from QE3-related euphoria to reality-related depression. It's obviously too quick, but we haven't yet seen any real fundamental follow through to support the rally that was prompted by QE3," analyst David Wilson with Citigroup in London told the news source. "If Europe is printing (money) as well and that reverses, does that remove support for commodities given the fact that real industrial demand for metals doesn't seem to be that strong?"
At 10:50 a.m. on Wednesday, copper futures fell 0.82 percent, a 0.031 cent loss to $3.77 per pound.
China, the globe's top consumer of copper, saw its nonmanufacturing sector develop at a reduced pace in September, according to The Wall Street Journal.
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