BR:Copper hovers at lowest in nearly 6 week on demand worries
SINGAPORE: Copper hovered at its lowest in nearly six weeks on Wednesday on concerns over slowing demand in top consumer China and the outlook for US economic stimulus.
Commodities were broadly lower, extending overnight declines on the absence of fresh steps from the Bank of Japan to quell turbulent domestic bond markets and lingering fears the US Federal Reserve could curb its bond-buying sooner rather than later.
The growing risk that China's economic growth will slide further in the second quarter, after weekend data showed unexpected weakness in May trade, also dragged on prices.
Chinese volumes of major metals imports, including copper and alumina, fell at double-digit rates. The country is the world's top consumer of copper, making up around 40 percent of global demand.
Three-month copper on the London Metal Exchange had risen 0.06 percent, or $4 a tonne, to $7,069 by 0341 GMT after dropping to its lowest since May 3 earlier in the day. The Shanghai Futures Exchange is shut until Thursday for a holiday.
