Copper futures fell to their lowest point in roughly three months after disappointing data about Chinese manufacturing, added to the already tenuous situations in the U.S. and Europe, according to Bloomberg.
Two Chinese Purchasing Managers' Index reports were released on Friday, showing that activity at the nation's factories grew more slowly in February than anticipated.
"The China numbers came in below expectations, and that implies that manufacturing and copper demand in that country aren't going to be particularly robust for the next little while," Bart Melek, the Toronto-based head of commodity strategy at TD Securities, told Bloomberg. "Inventories in Europe and Asia are rising."
Prices for the reddish metal declined by 0.97 percent by 4:46 p.m. New York time, a drop of 3.45 cent to $3.513 per pound.
Despite these dour indicators, Bloomberg reports that a recent projection from Goldman Sachs suggests that copper demand from China is set to grow dramatically, rising as much as 8 percent this year and continuing to increase as demand for copper wiring grows.
In addition to growing electrical grids and construction, the metal is also playing a part in the country's booming auto sector.
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