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MTECHTIPS:-Copper futures drop 2% on China demand concerns

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MTECHTIPS:-Copper futures drop 2% on China demand concerns

 

Copper futures fell sharply on Tuesday, as concerns over a slowdown in demand from top consumer China weighed. On the Comex division of the New York Mercantile Exchange, copper for May delivery tumbled 5.1 cents, or 1.93%, to trade at $2.616 a pound during European morning hours. Prices held in a range between $2.615 and $2.676. Futures were likely to find support at $2.598, the low from March 12, and resistance at $2.690, the high from March 13. A day earlier, copper tacked on 0.4 cents, or 0.15%, to close at $2.667 amid expectations for further monetary easing in China, following a recent batch of disappointing economic data. Chinese Premier Li Keqiang said on Sunday that policymakers are prepared to take action to stimulate the economy if needed and that the country has plenty of scope to adjust policies in order to boost growth and fight off deflation. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Elsewhere on the Comex, gold futures for April delivery ticked up $1.60, or 0.14%, to trade at $1,154.80 a troy ounce, while silver futures for May delivery dipped 2.9 cents, or 0.19% to trade at $15.58 an ounce.

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