Preoccupations about sliding demand tugged down copper futures on Friday as the reddish metal marked an eight consecutive trading session of losses, according to Bloomberg.
China, the base metal's top consumer and host of the globe's second-largest economy, is enduring some rough economic waters. Reuters reports the Chilean peso has plunged roughly 4 percent thus far this year against the U.S. dollar after having dropped more than 9 percent last year against the greenback. Chile is the globe's top producer of the industrial metal and the peso and the base metal often impact one another's performance.
"Flows have been very light with China absent from the market," states a note authored by head of analytics sales Vicky Sanders with Marex Spectron Group in London, according to Bloomberg. "China's official manufacturing PMI will be announced over the weekend, with the market still forecasting a modest expansion reading of 50.5."
At 9:20 a.m. on Friday, copper futures dropped 0.73 percent, a 0.0235-cent slide to $3.203 per pound.
Chinese markets are closed for a week for the observation of the Lunar New Year, according to Bloomberg.
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