The three-month copper trading on the London Metal Exchange (LME) extended its losses over the course of three days, slipping by 1.9% to $8,323 per metric ton during official open-outcry trading.
Investor sentiment took a hit on Tuesday, as data revealed that China’s imports and exports experienced a much swifter decline than initially anticipated in July.
The consumer price index (CPI) inflation fell by 0.3% in the 12 months leading up to July, a slightly better outcome than the expected drop of 0.4%.
Additionally, a stronger dollar index weighed on the market after a U.S. Federal Reserve official indicated the likelihood of future interest rate increases.