Copper Futures Tumble After China’s August Copper Imports Hold Steady
Copper futures prices turned south on Friday, on track for their largest one-day decline in weeks. The metal’s prices were under pressure after data released earlier in the day showed Chinese copper imports were flat in August from the previous month.
Copper for November delivery tumbled by nearly 3 percent to trade at $3.0480 a pound on the Comex division of the New York Mercantile Exchange in the last trading session of the week. The contract was set to close the week lower, potentially halting the eight-straight-week streak of gains. That is the longest winning run since 2006.
According to data released by the Customs General Administration of China, China’s imports of copper and copper products came in at 390,000 tons, holding steady for a fourth month in August.
Sell Stop at 3.0480, Take profit at 3.0220, Stop loss at 3.0600