Copper fell on Thursday on concerns over weakened demand for the red metal as the U.S. economy confronts big losses by investment banks and government reports showing rising consumer prices and stagnant industrial production.
Copper futures declined on worries that U.S. economic slowdown will lower demand. On Tuesday Citigroup declared a record loss and JPMorgan Chase & Co. reported a 34 percent drop in fourth quarter profit. On Wednesday a report stated industrial production had not changed in December.
Copper futures for delivery in March fell 6.9 cents or 2.1 percent, to $3.1725 a pound on the New York Mercantile Exchange Comex division. Copper declined $160, or 2.2 percent, to $7,000 a metric ton on the London Metal Exchange.
The Labor Department on Thursday showed in a different report that inflation-measuring Consumer Price Index rose 0.3 percent in the month of December, more than the forecast of 0.2 percent.