Copper Futures Down on China’s Slow Economic Growth, Merkel’s Statement
Copper fell hard Tuesday after China reported its economy grew at its slowest pace in two years and as German Chancellor Angela Merkel extinguished hopes that a plan will be announced next week to contain the euro zone's debt crisis and prevent a possible Greek default.
On the London Metal Exchange, three-month copper dived as much as 2.2 per cent to $7,331 a metric tonne while the Comex in New York reported December futures lost 1.5 per cent to $3.3260 a pound.
China's economy grew only 9.1 per cent in the third quarter from a year ago, its slowest since 2009, due to higher borrowing rates and lower exports.
Merkel, meanwhile, said the Oct. 23 deadline set by the Group of 20 finance chiefs to come up with a strategy is impossible.
The December-delivery contract on the Shanghai Futures Exchange fell 2.5 per cent to $8,542 a tonne.
All base metals likewise declined.
Aluminum fell 1.2 per cent to $2,190.25 a tonne, zinc slid 2.5 per cent to $1,856.75 a tonne and lead lost 2.2 per cent to $1,942 a tonne. Nickel withdrew 1.5 per cent to $18,700 a tonne, while tin plunged 1.4 per cent to $21,200 a tonne.