Copper prices moved lower on Monday, reaching their lowest level in more than a week as investors assessed weaker economic data from China alongside a stronger US dollar.
Benchmark copper on the London Metal Exchange declined 1.8% to $14,364 per metric ton at 09:13 GMT.
The metal earlier traded as low as $14,354 per metric ton, marking its lowest level since September 17.
China Industrial Profits Data in Focus
Industrial profit growth in China slowed during August as increases in technology manufacturing associated with the artificial intelligence sector were not enough to offset weaker domestic demand.
China is the world’s largest copper consumer, making changes in the country’s economic activity relevant to expectations for demand for the metal.
The US dollar strengthened during Monday’s session, while higher oil prices were also cited as a factor in the decline in copper prices.
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