Copper fell on the London Metal Exchange following the International Monetary Funds prediction Chinas economy will grow below forecasts. The Asian nations economy is poised to grow 7,75% according to the IMF, down from 8%. The Organisation for Economic Co-operation and Development also cut its forecast to 7,8% from 8%. China is the metal’s biggest consumer and fluctuations in its economy activity pressure global copper prices.
Copper for July delivery fell 0,9% and traded at $3.285 a pound on the New York Comex, while copper for delivery in three months lost 1%. Prices were also pressured down by the increased unemployment change in Germany, which showed that 21 000 more people lost their jobs, up from a revised value of 6 000 for the preceding period and way above the forecast for 5 000.
Copper traders are now looking forward to key China economic data, scheduled to be released later during the week. The official Pruchasing Managers Index will be published on Saturday.
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