Commodity reported that copper prices have come under great pressure of late on a flurry of weak data indicting global slowdown. The prospects of a weakening Chinese economy continue to push down Copper prices on Thursday.
At the Multi Commodity Exchange of India, copper August contract is down over 0.45% at 402.45 after opening the day at 404.35.
China shares almost 40% of global copper consumption. The government has been tightening the monetary policy in a bid to control high inflation rates. This has sparked fears of a Chinese slowdown.
Mr Daniel Major analyst at RBS said that "It's still very much a macro oriented market, clearly there are growth concerns and the stronger dollar is also weighing on things."
Investors are also focusing on economic data releases from the US, the world's second largest Copper consumer and the Euro Zone debt problems for indications of an economic revival. However, the problems seem to be far from over.
