Copper prices came under heavy pressure on Tuesday, as market participants awaited key economic data later in the week for fresh indications on the state of China's economy.
Comex copper for September delivery dropped 3.1 cents, or 1.22%, to trade at $2.514 a pound during European morning hours. On July 8 prices of the red metal plunged to a six-year low of $2.381.
On Wednesday investors will look ahead to China's data on second quarter gross domestic product, as well as reports on industrial production, retail sales and fixed-asset investment for June.
Market strategists expect China's economy to expand 6.9% in the three months ending June 30, down from growth of 7.0% in the previous quarter.
Recent economic data from the Asian nation has indicated that the recovery remains fragile and may require further monetary stimulus.
China is the world’s largest copper consumer.
In other metal trading, gold futures for August delivery dipped $2.00, or 0.17%, to trade at $1,153.40 a troy ounce, while silver futures for September delivery slumped 14.0 cents, or 0.91% to trade at $15.31 an ounce.
Elsewhere, the dollar declined against most other major currencies. The pound jumped to as high as $1.5580 after Bank of England Governor Mark Carney said the time “is moving closer” for an increase in U.K. interest rates.
EUR/USD was last at 1.1021 higher 0.21%.
