Copper Tumbles As Concerns About China Mount

Copper futures are down 2.5% in early trading, to $US3.0060 per pound.

Copper has been taking a beating recently and it is likely that the recent decline in Chinese exports weighed on the data.

Chinese exports were down 18.1% on the year in February, after rising 10.6% the previous month. Imports however were up 10.1%.

While economists have warned about reading too much into Chinese data in the Jan-Feb period because of the impact of the Lunar New Year holiday, this has raised concerns about the economic slowdown in China.

Copper prices also tumbled on Friday on news of China’s first domestic bond default. And remember Dr Copper is considered to be an important gauge of economic health.

Meanwhile, Australia’s S&P/ASX 200 is down 0.5%. China is Australia’s biggest trading partner.

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