Copper futures decline on weak Chinese manufacturing data

Copper futures declined on Thursday after the manufacturing expanded less than estimated in the world’s top consumer China. Data showed that China’s official manufacturing purchasing managers’ index inched up to 50.4 in April, just below an expectation of 50.5, however higher than the 50.3 reported last month. The commodity weakened further after the Federal Reserve decided to taper its monthly bond-buying program by $10 billion for the fourth consecutive meeting. Copper futures for July delivery fell 0.2% to settle at $3.215 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange closed up 0.05% at $6,645 a metric ton.