Investing.com - Copper futures edged lower Monday, as appetite
for riskier assets weakened after data showed that industrial
production in China rose at a slower rate than expected last month.
The Asian nation is the world's largest copper consumer, accounting
for almost 40% of world consumption last year.
On the Comex division of the New York Mercantile Exchange, copper
futures for July delivery traded at USD3.363 a pound during
European morning trade, down 0.5% on the day.
New York-traded copper prices fell by as much as 1.4% earlier in
the session to hit a daily low of USD3.337 a pound.
Official data released earlier showed that industrial production in
China rose 9.3% in April, below expectations for a 9.5% increase
and following an 8.9% rise the previous month.
Separate data showed that retail sales in China increased by 12.8%
in April, in line with expectations.
The weaker-than-expected data fuelled concerns that China's
economic recovery was stalling.
Meanwhile, the dollar was in demand as recent strong U.S.
employment data fuelled speculation over an earlier-than-expected
end to the Federal Reserve's USD85 billion a month asset purchase
Data on Thursday showed that showed that U.S. initial jobless
claims fell to the lowest level since January 2008 in the week
ending May 4.
Earlier this month official data showed that the U.S. economy added
more jobs than forecast in April, pushing the unemployment rate to
a more than four-year low of 7.5%.
The dollar index, which tracks the performance of the greenback
against a basket of six other major currencies, rose 0.1% to hit
A stronger dollar reduces demand for raw materials as an
alternative investment and makes dollar-priced commodities more
expensive for holders of other currencies.
Elsewhere on the Comex, gold for June delivery shed 0.7% to trade
at USD1,426.85 a troy ounce, while silver for July delivery shed
0.3% to trade at USD23.58 a troy ounce.
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