Copper futures declined on Wednesday due to ongoing concerns over the health of China’s economy following a string of disappointing economic data from the region. The commodity weakened further due to subdued trading volumes as the market participants awaited the next batch of Chinese economic indicators. Besides, weaker Chinese Yuan which fell against the dollar also added pressure on copper prices.
Copper futures for July delivery closed down 0.8% to settle at $3.0325 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed down 0.97% at $6,654.50 a metric ton.
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