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Copper futures trade lower on weak Chinese GDP data

17 Jul 2023 Evaluate
Copper futures traded lower on Monday amid weak economic growth in the world’s top metal consumer China. Data showed that China's 6.3% GDP growth for the second quarter marked a 0.8% pace of growth from the first quarter, slower than the 2.2% quarter-on-quarter pace recorded in the first three months of 2023. Moreover, marginal gains in the US dollar also weakened copper prices.

Copper futures for September delivery lost $0.0420 or 1.07% at $3.8910 a pound on the Comex metals division of New York Mercantile Exchange.