Investing.com - Copper prices tumbled to a nine-month low on Monday, as growing concerns over the health of China's economy dampened demand for growth-linked assets.
On the Comex division of the New York Mercantile Exchange, copper futures for May delivery fell to a session low of $2.996 a pound, the weakest level since June 25.
Copper prices last traded at $3.041 a pound during European morning hours, down 1.35%, or $0.042 cents. The May copper contract lost 4.21% on Friday, or $0.135 a pound, to settle at $3.082.
Futures were likely to find support at $2.985 a pound, the low from June 25 and resistance at $3.220 a pound, the high from March 7.
Data released over the weekend showed that Chinese exports collapsed 18.1% in February from a year earlier, disappointing expectations for a 6.8% increase.
The significant decline in China's exports led to a deficit of $22.98 billion last month, compared to a surplus of $31.86 billion in January. Analysts had expected a surplus of $14.5 billion in February.
A separate report showed that consumer price inflation in China rose 2% in February from a year earlier, in line with expectations, while producer price inflation declined 2%, compared to forecasts for a 1.9% drop.
The downbeat data highlighted concerns about slowing growth in the world's biggest consumer of the industrial metal.
Elsewhere on the Comex, gold for April delivery fell 0.35% to trade at $1,333.70 a troy ounce, while silver for May delivery declined 0.6% to trade at $20.80 a troy ounce.
