Copper prices fell on Wednesday as investors fear higher prices may weaken global demand and the dollar was gained, lowering the demand for commodities.
Today's losses were also affected by production data in China which increased worries that demand may curb. Output of refined copper rose 22.7 percent in April to 329,400 metric tons, the Chinese Bureau of Statistics said.
China copper imports declined to 246,119 metric tons in April compared to 304,672 metric tons a year ago, the China Customs office said on Monday.
Copper futures for July delivery fell 5.05 cents or 1.35 percent to $3.6810 a pound on the Comex division of the New York Mercantile Exchange. Earlier today, prices touched $3.6525, its lowest since March 25.
The red metal has jumped 21 percent in 2008, reaching a record $4.2605 a pound on April 17.
The dollar was stronger today after U.S. consumer prices rose by 0.2 percent in April. The dollar index gained as much as 0.5 percent against six major currencies including the euro.
A stronger U.S. currency make commodities denominated in dollars more expensive for foreign buyers.
Losses were limited on an earthquake in China that has devastated Sichuan province and left around 14,866 death people and thousands lost. Speculators believe supplies may be disrupted.
London Metal Exchange copper inventories declined by 350 metric tons on Wednesday at 121,425 metric tons.
Copper futures for delivery in three months dropped $37.5 or 0.45 percent to $8,324 a metric ton in the London Metal Exchange.