Copper futures declined on Monday after China’s factory output and retail sales showed economic activity slowed more than expected in July. Data showed Industrial production in the world's second-largest economy grew 6.4% year on year in July, failing market expectations for 7.8% growth and slowed from June’s 8.3% jump. While, Retail sales in China rose 8.5% in July from a year ago, that was far lower than a baseline forecast of 11.5%. Further, concerns over fresh Covid outbreaks also added pressure on copper prices.
Copper futures for September delivery lost $0.0520 or 1.18% to $4.3395 a pound on the Comex metals division of New York Mercantile Exchange. However, Copper on the London Metal Exchange was up 1.08 percent at $9,570 a ton.