Refined shipments last month to China, also host of the globe's second-largest economy, fell 37 percent as compared to one year prior, according to customs figures released on Monday. Inventories of the base metal – which is sensitive to worldwide economic and financial developments due to its myriad uses in construction, manufacturing and additional industry – are set to trump demand by 341,000 metric tons. Chinese consumption of copper accounts for roughly 40 percent of the globe's supply.
"Last month China exercised considerable restraint in terms of imports," states a Monday email to Bloomberg penned by analyst Daniel Briesemann with Commerzbank AG in London. "Base metals are continuing their downswing."
At 11:36 a.m. on Monday, copper futures fell 0.54 percent, a 0.017 cent loss to $3.146 per pound.
Reuters reports losses endured by the reddish metal at some points during the trading session on Monday pushed past 1 percent as the commodity hovered near its lowest value in about 18 months.
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