Copper futures were hovering near their lowest value in about 90 days on Monday after the globe's largest consumer of the base metal publicized economic and social reforms for the first time in nearly 30 years late last week, according to Reuters.
China, which accounts for consumption of about 40 percent of the globe's supply of the reddish metal, loosened markets as part of a drive to stabilize the world's second-largest economy. The Asian nation has been enduring rough economic waters as of late.
"We knew that the reforms would be positive, but I tend to think the markets wanted more concrete ideas. They didn't get them, therefore markets sold off," chief executive officer Jonathan Barratt with commodity research firm Barratt's Bulletin told the news source on Monday.
At 9:18 a.m. on Monday, copper futures edged up 0.06 percent, a 0.002-cent climb to $3.184 per pound.
Bloomberg reports the base metal lost 2.2 percent last week, largely as a result of testimony by U.S. Federal Reserve Vice Chair Janet Yellen, whom the White House nominated to serve as Fed chair. Yellen told the U.S. Senate Banking Committee that the world's largest economy continues needing monetary stimulus.
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