Copper prices fell as much as 2 percent on the London Metal Exchange to $7,944 per tonne since the end of November.
The metal has lost nearly 7 percent this month amid weak economic data from China, the world’s largest metal consumer.
Unlike previous slowdowns, Beijing is deciding to terminate metal deals by not spending heavily on infrastructure.
Trafigura Group and Goldman Sachs Group Inc. Despite calling for copper to hit an all-time high in a year, speculators forecast a decline, pointing to a rapid return in sentiment since the first quarter.
Citigroup Inc. In a note on the metals market, he said, “Metal markets have faced significant pressures following the disappointing April macro data from China.”
Although analysts think that the copper problem is caused by China, it seems that there is no move from the USA to revive the markets. On the other hand, it is thought that the aggressive monetary tightening policy of the US Federal Reserve (Fed) also reduced demand.