Copper Falls Below $6.55 as Weaker Chinese Buying and Refined Output Decline

Copper futures have fallen below $6.55/lb due to elevated prices weakening Chinese buying power.

The Yangshan premium, paid above London Metal Exchange (LME) prices for copper imported into China, has dropped to $96/t from $115/t, indicating weaker import demand.

China's August refined copper output is forecast at 1.05 million tons across producers representing 81.97% of national capacity, down 2.83% year-on-year for a second straight annual decline.