Copper falls amid concern of China’s economy slowing down

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.