Speculation about a slowdown in the globe's largest consumer pulled down copper futures for the third consecutive day on Monday, according to Bloomberg.
China, which consumers an estimated 40 percent of the world's production of the reddish metal, likely saw export growth drop last month, according to Bloomberg-polled economists and analysts in advance of the official data being released later this week. The economy of China only trails that of the U.S., and concerns are spreading about the Asian nation getting off to a slow start this year.
"Evidently we are still seeing the aftereffects of the Purchasing Managers' Indices in China which were published last week and fell in December," states a Monday report authored by analyst Daniel Briesemann with Commerzbank AG in Frankfurt, according Bloomberg.
At 10:07 a.m. on Monday, copper futures edged down 0.15 percent, a 0.005-cent loss to $3.35 per pound.
Reuters reports the price of the base metal dropped to its lowest value in roughly two weeks during the Monday trade session as concerns about China and its economic recovery are growing stronger and more pronounced.
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