Worries over the demand outlook have so far centered largely on China, where manufacturers are facing a power crunch, but signs of a slowdown are emerging in Europe too.
Germany’s factory orders slumped 7.7% in August, in the third-biggest drop in the past 30 years, official data showed.
Surging gas prices also continue to heap pressure on industrial firms throughout Europe.
“Europe has been the surprise out-performer for most of the year, but with energy prices rising we are seeing growing pressure on industrial consumers,” Colin Hamilton, managing director for commodities research at BMO Capital Markets, told Bloomberg.
“Europe is also obviously at the sharp end of the global logistical bottlenecks as well.”
Copper for delivery in December fell 1.2% from Tuesday’s settlement price, touching $4.141 per pound ($9,110 per tonne).
Click here for an interactive chart of copper prices
(With files from Bloomberg)