Demand shows no signs of recovery.
Copper fell as a result of weakening industrial and services statistics in China, the second-largest economy in the world, and rising dollar prices for commodities denominated in the greenback.
Chinese traders watch overseas inflows.
After President Xi Jinping rallied followers in his ruling party after a party congress in Beijing, the metal concluded Friday with a weekly drop amid broader concerns about China’s economic future.
According to Ji Xianfei, an analyst at Guotai Junan Futures Co., “Macro concerns are growing, and traders are keenly watching offshore inflows to determine if the market can absorb supplies.”
After falling by 0.1% the previous week, copper decreased by 0.3% to $7,524.50 per tonne this morning in Shanghai on the London Metal Exchange.
Aluminum prices increased by 0.1%, while lead prices increased by 0.7%.