Copper prices drop on China data

Copper prices were at their lowest in seven months on Monday after China reported on October imports, raising concerns that demand will decline in coming months.

The report had Chinese imports of unwrought copper and partially finished products down by 5.6 percent in October over September’s numbers.

Refined copper imports were not reported but are also expected to be lower in October than they were in September.

December copper in New York was down 4 cents to $3.11 per pound, while three-month copper on the London Metal Exchange dropped $90 to $6,950/$6,960 per tonne.

LME copper inventories were up 3,425 tonnes on the session to a total of 176,200 tonnes.

In addition, a five-day strike in Peru was halted on Friday and the days workers were off the job were said to have had very little impact on output.