Copper Trades Near One-Week Low on China Holiday, Europe Concern
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Copper traded near a one-week low as markets in China, the biggest buyer of the metal, are closed this week for the Lunar New Year holiday and data this week may show a contraction in euro-zone economies.
The metal for delivery in three months traded little changed at $8,190.50 a metric ton on the London Metal Exchange at 3:00 p.m. in Seoul. The price yesterday fell 1.2 percent, the biggest drop since Dec. 20, touching $8,171, the lowest intra-day level since Jan. 31. Futures for March delivery were also little changed at $3.7195 a pound on the Comex in New York.