The price of copper fell to its lowest level in over five years because of speculation about faltering growth and uneven economic development in the US, Germany and China, which are the largest consumers of the metal. The price of copper is at its lowest level in more than five years due to a combination of growing fears. Increasing concerns about global economic growth lead to lower demand in China and expectations for the excess of supply in the near future, which together with the strong USD became the main engine for the low price of the metal.
The futures of copper with delivery in April traded at 6,093.75 USD per metric ton on the London Metal Exchange. The metal ended the day at 6,090 USD per metric ton on Friday, which was the lowest level since October 2009, closing prices are not reported growth of 30th December 2014.
The contracts for April delivery fell 1.40% to 2,716 USD per ounce on Comex in New York trade on Monday. The German industrial production in November fell for the first time in three months, showed data released last week. Wholesale prices in China in December marked the biggest decline for the past two years, continuing a series of record lows.