Copper futures declined, as disappointing Chinese trade data added to speculation that policymakers in Beijing may implement further stimulus measures.
Elsewhere in metals trading, copper
for March delivery slumped 1.6 cents, or 0.63%, to trade at $2.569 a
pound.
Over the weekend, China reported a trade surplus of $60.0 billion in January, compared to expectations for $48.9 billion and up from a surplus of $49.6 in December.
Exports declined 3.3% from a year earlier last month, missing expectations for a 6.3% increase, while imports tumbled 19.9%, much worse than forecasts for a decline of 3.0%.
According to the data, China imported 410,000 tons of copper in January, down 2.4% from 420,000 tons in December.
The weak data added to speculation policymakers will have to introduce further stimulus measures to support the economy and spur growth. The central bank cut banks' reserve requirement ratios last week in an effort to boost lending and spur economic activity.
The Asian country is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
