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Copper is on track to record back to back weekly declines after data showed a drop in the level of imports made by China.
Copper with a delivery date in three months’ time lost dropped to as low as $6,972 per metric ton after losing 0.4%. It was trading at a price per ton of $6,978.25 just after noon Tokyo time on the London Metal Exchange. Prices for the metal fell to its lowest since June 30 when it reached $6,951.75 on August 6th as part of the 1.4% drop it has had so far this week.
Data released today by the customs agency of China revealed that the amount of imported unwrought copper and its products decreased for a third straight month in July to only 340,000 tons. At the same time, the amount of Chinese exports of aluminum and its products gained to the largest amount in three years of 380,000 tons. The East Asian country is the largest user of copper in the world.
Senior metals trader from Korea Exchange Bank Futures Co Hwan Il Doo says that, “The drop in China’s copper imports dragged prices lower.” The commodity metal has been the LME’s worst performing commodity out of its six main metals having so far lost 5.2% of its value in 2014. Supply levels in warehouses monitored by the LME continued to decrease for the 13th straight day to the lowest in six years at 143,700 tons.
Futures for copper in September in New York similarly declined to a price per pound of $3.17 showing a drop of 0.2%. October copper on the Shanghai Futures Exchange was mostly unchanged at 49,790 yuan, or $8,085, per ton.
