Copper sinks on more reports of a China slowdown

More news that China's economy is cooling off pushes copper prices lower; other metals mixed

Copper sinks on more reports of a China slowdown

NEW YORK (AP) -- More signs that China's economy is slowing are pushing copper prices lower.

Copper for May delivery dropped 3.9 cents, or 1.3 percent, to settle at $2.92 a pound on Thursday.

The Chinese government posted figures for industrial production, retail sales and investment that fell short of what economists had expected.

The price of copper has slumped 5 percent this week following news over the weekend that China's trade slowed last month. China is the world's biggest buyer of copper, so traders tend to sell contracts for the industrial metal on signs the country's economy is slowing down.

Other metals were mixed.

Gold for April rose $1.90, or 0.1 percent, to settle at $1,372.40 an ounce. Silver for May slipped 16 cents, or 0.7 percent, to $21.20 an ounce.

Updated : 2021-03-02 16:42 GMT+08:00