Greatly reduced demand for copper from the globe's largest consumer pulled copper futures down to their lowest value in about four weeks on Monday, according to Reuters.
Investors and analysts were keeping a close eye on how China will act to spur its struggling economy, which trails only that of the U.S. for size. The reddish metal is sensitive to worldwide economic and financial developments due to its myriad uses in manufacturing, construction and additional industry.
"Copper trading is range bound at the moment as in the short term the situation is still uncertain and investors are waiting for the Chinese GDP data and for news from LME week," consultant Gianclaudio Torlizzi with T-commodity told the news source. "But in a long-term perspective, I think the price is more interesting as if on one hand it's true that copper stocks are high, on the other hand we expect China to soon implement stimulus policies which should boost the economy and metals demand."
At 11:15 a.m. on Monday, copper futures dropped 0.82 percent, a 0.0305 cent loss to $3.6725 per pound.
The Wall Street Journal reports a metal conference in London this week is not likely to see as many deals as in past years due to reduced global demand.
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