Copper Falls to $6,871 per Tonne on Worries Over Chinese Demand

Three-month copper on the London Metal Exchange dropped 0.8 percent or $54.96 to trade at $6,871 per tonne on worries regarding demand from China, according to Reuters. However, this fall was cushioned by concerns over the global supply of the red metal. Copper stores in LME’s global warehousing network have fallen 49 percent since the start of 2014, bringing them to the lowest level since 2008. This fall is prompting uncertainty about the availability of copper.

Copper for July delivery on New York’s Comex remained near a three-month high at $3.164 per pound, according to Inventory concerns impacted the metal, as did the impending release of results from the U.S. Federal Reserve’s latest monetary policy meeting, set to come out on May 21.