Some weaker-than-expected Chinese economic data points are also plaguing copper.
“Chinese manufacturing data released on Monday showed activity slowing to a 14-month low on the back of subdued domestic demand despite a rise in output. China’s export sector was particularly weak with a PMI reading below 50, indicating contraction,” according to Mining.com.
Shares of copper miners are struggling as well. The Global X Copper Miners ETF (NYSEARCA: COPX), which tracks the Solactive Global Copper Miners Index, is off more than 9% over the past month.
For more information on Copper ETFs, visit our Copper category.