Copper futures decline on disappointing China data

Copper futures declined on Tuesday after some disappointing economic data from the world’s top consumer China. The Chinese industrial production rose 8.7% in April from a year earlier, missing economists' forecasts of an 8.9% increase and Chinese retail sales too missed their estimates, which raised the concern that demand will decrease in China. However, the expectations that a string of weak economic indicators will prompt the Chinese government to roll out fresh stimulus measures, capped losses in copper prices to some extent. Copper futures for July delivery dropped 0.4% to settle at $3.1355 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed down 0.5% to $6,845 a metric ton.