Investing.com — Copper futures slumped to a five-week low on Monday, after latest trade figures out of China added to concerns over the health of the world's second-biggest economy.
Copper for December delivery on the Comex division of the New York Mercantile Exchange declined 0.8 cents, or 0.33%, to trade at $2.234 a pound during morning hours in London. It earlier fell to $2.228, the lowest since August 24. On Friday, copper prices dipped 1.3 cents, or 0.58%.
Meanwhile, three-month copper on the London Metal Exchange dropped 0.28% to $4,966.75 a metric ton, a level not seen since August 26.
Data released Sunday revealed that Chinese exports slumped 6.9% from a year earlier in October, worse than forecasts for a decline of 3.0%, while imports plunged 18.8%, compared to expectations for a drop of 16.0%.
That left China with a record-high trade surplus of $61.6 billion last month, up from $60.3 billion in September.
China’s copper arrivals in October fell 8.7% from a month earlier to 420,000 metric tons, underlining worries over weakening demand prospects from the Asian nation.
The disappointing data reinforced the view that the economy remains in the midst of a gradual slowdown which will require policymakers in Beijing to roll out more measures to boost growth in coming months.