Copper futures are down 2.3% to $3.29 a pound on the Comex.
China is the world’s largest copper market, and the drop is being driven by concerns about China’s growth. We just saw a string of poor data, especially fixed asset investment and industrial production for the month of April.
JP Morgan now expects Chinese GDP of 7.8% in Q2, down from 8%. They lowered their full-year projection to 7.6%, from 7.8%.
Bank of America’s Ting Lu sees downside risk to his Q2 forecast of 8.1%. Societe Generale’s Wei Yao has been below consensus for some time and maintains her Q2 GDP forecast of 7.8%.
Here’s a look at what Copper futures are doing: