Weak economic data in the U.S. and Europe pushed copper to its lowest level in eight weeks. Economist said before Friday's report that the U.S. industrial production rose 0.3 percent last month from 0.2 percent in June. Copper inventories monitored by exchanges in London and Shanghai were down, reports Bloomberg.
The metal rose for the first time in four days in New York before data expected to show strengthening U.S. factory production, signaling more demand for industrial metals, while stockpiles slipped.
According to The Wall Street Journal, copper for September delivery on the Comex division of the New York Mercantile Exchange, the most actively traded contract, fell to its lowest level since June 20 by 2.1 cents, or 0.7 percent, at $3.0910 a pound.
A series of weak data from China, Japan and the euro zone over recent weeks show they are off by 4 percent in August, pressuring copper prices.
Bill O'Neill, a principal with commodities investment firm Logic Advisors LLC told The Wall Street Journal, "These numbers out of Europe are horrible. You take a market that is already been a little shaky and introduce this data, and this is what happens."
Copper futures for December delivery were up 0.2 percent to $3.119 a pound on the Comex in New York. Prices have fallen 1.7 percent this week.
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