Copper futures decline on Chinese concern

Copper futures declined on Monday on concerns that a probe into stockpiles at China’s Qingdao Port may crimp demand for the base metal as collateral for credit in the world’s top metals consumer. The commodity prices also weakened due to the lower imports from China. The reports showed copper imports from China fell 15.6% from a month ago to 380,000 tonnes in May. Copper futures for July delivery settled down 0.2% at $3.0435 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange slid 0.3% to $6,670 a metric ton.