The industrial metal slumped to its lowest value in about seven days as the shutdown endured its second day. The base metal is sensitive to worldwide financial and economic developments due to its myriad uses in construction, manufacturing and additional industry. The U.S. is the globe's second-largest consumer of the base metal, trailing only China.
"Prices have weakened on the U.S. situation … but the reason that base metals are more affected (than equities) is because there's an underlying current in copper where the fundamentals have deteriorated," strategist Stephen Briggs with BNP Paribas told the news source on Wednesday. "The latest Chinese data was not that brilliant. It's just not the dynamic force it once was. It's good but not great anymore."
At 10-:25 a.m. on Wednesday, copper futures rose 0.66 percent, a 0.0215-cent rise to $3.2955 per pound.
Bloomberg reports the base metal's gains were linked with supplies hovering near their lowest levels in roughly 180 days.
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