Copper ends at more than 6-year low on China-demand concerns

Copper futures finished at a more than six-year low Tuesday, as concerns over demand from China pushed much of the metals sector, including gold, lower.

High-grade copper for September delivery HGU5, -0.17%  lost 3.4 cents, or 1.5%, to settle at $2.287 a pound on Comex, marking the lowest settlement price for a most-active contract since July 13, 2009.

“Concerns that China’s stock market rout could destabilize its economy in transition and impact resource demand continues to drag on commodities…particularly copper which has broken down to its lowest level since 2009,” said Colin Cieszynski, chief market strategist at CMC Markets, in a note.


Many investors view troubles in China’s stock market as a proxy for broader economic woes in one of the largest importers of metals in the world. The Shanghai Composite Index SHCOMP, -2.14%  tumbled 6.2% Tuesday, despite signals of a housing recovery and the Chinese central bank’s steps to stem capital outflow.

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