Copper futures slumped to a six-week low after weaker readings on manufacturing activity in China and the United States raised doubts about the pace of demand from the top two consumers of the industrial metal, the Wall Street Journal reported Thursday. The most actively traded copper contract, for March delivery, fell 5.15 cents, or 1.5 percent, to settle at US$3.2855 a pound on the Comex division of the New York Mercantile Exchange, the lowest since Dec. 10, the report said. Thursday’s decline was the largest one-day drop since mid-November, it said. Archer Financial Services futures strategist Stephen Platt was quoted as saying that investors are “concerned about whether China will maintain its growth” and the doubts will weigh on consumer demand for copper.
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