Copper prices per pound are declining on Monday due to negative demand prospects in China, according to trading data. The September futures on copper on Comex exchange fell by 2.34% to $3.5922 per pound (about 0.45 kg).

At London Metal Exchange (LME) on Friday, the cost of a ton of copper with delivery in three months decreased by 1%, to 8091.5 dollars; aluminum – by 3.41%, to 2434.5 dollars; zinc – by 2.64%, to 3589 dollars.

Investors continue to track the coronavirus situation in China, the biggest consumer of industrial metals. Investors are concerned that another tightening of quarantine restrictions in the country may affect demand. We will see the effect of this news on copper prices by the day.

Also, Chinese macro statistics have a negative impact on these prospects. For example, production of large industrial enterprises in China rose by 3.8% year-on-year in July, while analysts predicted a 4.6% growth.

Problems can also be seen in the stock market. Take Meta financial stock as an example. Facebook is a few steps away from transforming itself from an IT giant that influences the whole world into just one of the technology companies. The main reason for Facebook’s decline lies in the current actions of its management, in particular of its founder Mark Zuckerberg. The billionaire was too much into the idea of Metaverse. The company’s very vulnerable business model, which, as it turned out, could easily be destroyed by completely outside companies, including Apple, has also made itself felt.

Earlier we reported that what will happen to Brent crude oil prices in the new week.