Chinese manufacturing data hurts copper price
City Index March 5, 2013 3:45 PM
<p>The price of copper has dipped after China’s manufacturing Purchasing Managers Index declined slightly in February.</p>
The release of Chinese manufacturing data that failed to meet expectations has prompted the price of copper to hit a low not seen for more than three months.
Bloomberg reports the price of the metal for delivery in three months was down by 1.8 per cent at 10:03 GMT on the London Metal Exchange, putting its price at $7,675 (£5110.19) per metric tonne.
Earlier in the day it had slid to $7,658.50 per metric tonne, the lowest price since November 19th 2012.
The slide was triggered by news the Purchasing Managers Index for manufacturing in China – the world's biggest consumer of industrial metals – stood at 50.1 last month, down from 50.4 in January.
The Chinese data also hurt lead and aluminium prices, with contracts for the latter for delivery in three months shedding two per cent to hit $1,965.50 per tonne, having earlier reached a low of $1,963 per tonne. Lead declined by 2.2 per cent, putting it on $2,232.50 per tonne.
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