Copper Drops to $6,662 a Tonne on Slower US Economic Growth

Copper for delivery in three months fell 0.8 percent or $53.30 to $6,662 a tonne on the London Metal Exchange on Wednesday, according to Reuters. U.S. economic data on the first quarter was disappointing, which made hopes for demand decrease significantly. After China, the U.S. is the second largest consumer of copper. Investors are also waiting for news from today’s Federal Reserve meeting, according to the Wall Street Journal.

“Traders will be looking hard at what the Fed says about short-term interest rates,” Bob Haberkorn, senior commodities trader at RJO futures, told the Journal.

Copper for July delivery on New York’s Comex fell 0.8 percent or $0.0245 to trade at $3.04855 per pound, according to the Journal.