Copper edges toward $2 per pound mark

Concern about China’s economy is being labeled as the culprit as copper has been losing value in May 2016.

An online summary of copper’s value on metals exchanges by the Bloomberg news service says copper “slumped to a three-month low” on the London Metal Exchange (LME) May 18, with economic indicators in China affecting commodity investor sentiment.

The value of copper for three-months-out delivery declined by 1 percent on the LME May 18, dropping to $4,612.50 per metric ton, or $2.09 per pound. Earlier in the trading session, the red metal hit $4,563.50 ($2.07 per pound), which Bloomberg called its lowest valuation since February 19, 2016.

The downward pattern continued with Chicago-based COMEX trading later the same day, with the closing COMEX price May 18 hitting $2.07 per pound.

The price of aluminum, considered to be less tied to China’s construction sector growth, rose slightly on the LME May 18, closing at $1,541.50 for three-months-out buyers, or 70 cents per pound.