Copper's decline widened due to Chinese demand concerns as of 16:00

Copper futures fell below $4.5 per pound on Friday and hit a seven-day low. This is because import statistics from China, which is the largest consumer country, suggested a slump in domestic demand.

China's imports in June fell 2.3% against expectations, but exports rose 8.6%, exceeding expectations.

Investors are looking for signs of further stimulus measures to boost the economy ahead of an important political meeting to be held in Beijing next week.

Copper stocks increased to 206,778 tons this week, the highest level since October 2021, according to London Metal Exchange data.

Furthermore, stocks were increasing at warehouses in South Korea and Taiwan, which are the main export destinations for Chinese copper.

Meanwhile, US consumer inflation in June slowed more than expected, and observations of interest rate cuts in September by the US Federal Reserve (Fed) are intensifying.