Unhealthy manufacturing data from its top user pulled down copper futures on Monday as the base metal marked its lengthiest bearish trend in more than 18 years, according to Bloomberg.
The reddish metal endured a ninth consecutive day on Monday after China released weak manufacturing data. The Asian nation accounts for about 40 percent of the world's supply of copper, which is sensitive to domestic and worldwide economic and financial developments due to its widespread use in construction, manufacturing and additional industry.
"Copper is taking its cue from China's economic growth, with last week's rout in emerging markets deepening demand concern," general manager of research Hiroyuki Kikukawa with Nihon Unicom Inc. in Tokyo told the news source on Monday.
At 9:10 a.m. on Monday, copper futures edged down 0.08 percent, a 0.0025-cent slip to $3.1945 per pound.
Reuters reports the reddish metal dove to its lowest value in about 60 days during the Monday trading session, tugged down by less-than-stellar data released by China. The Asian nation's Purchasing Managers' Index fell last month, as had been anticipated by a panel of analysts and economists polled by the news service.
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