Three-month copper on the London Metal Exchange dropped 0.3 percent or $21.87 to $7,289.50 per tonne Tuesday, according to The Wall Street Journal. Chinese economic data gave investors pause. Furthermore, physical trading slowed ahead of China’s Lunar New Year holiday, which begins January 31 and lasts a week.
On New York’s Comex, copper futures for March delivery fell 0.6 percent or $0.02 to $3.325 a pound, according to Investing.com. On January 20, China released data showing its economy expanded at an annual rate of 7.7 percent in the fourth quarter, down from the same measure three months earlier. A separate report showed industrial production in China rose more slowly than expected as well. China is the world’s largest copper consumer, and fluctuations in its economy impact the metal’s price significantly.