Bloomberg News reported that copper fell to the lowest level in almost three weeks on concern that demand from China, the biggest user will continue to slow.

Metal for delivery in three months on the London Metal Exchange lost as much 0.6%to USD 6,820 per tonne the lowest since July 10. Metal for delivery in November on the Shanghai Futures Exchange dropped 2.1% to CNY 48,970 per tonne.

Data from the government showed that growth in Chinese industrial companies’ profits slowed in June as the economy cooled. China’s statistics bureau is going to release the official July Purchasing Manager’s Index on August 1 which may have dropped to 49.8.

Mr Li Ye an analyst at Shenyin & Wanguo Futures Company in Shanghai said that “A lot of investors are bearish on China’s growth and therefore bearish on copper demand. The official PMI later this week probably won’t be good.”