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Slowing economy hits copper prices

Jiangxi Copper Co, China's largest smelter of the metal, reported an 8 percent drop in third-quarter profit as a slowing economy curbed demand. Net income declined to 1.13 billion yuan ($180 million), the company said on Tuesday in a statement. Sales rose 24 percent to 54.5 billion yuan. Copper fell 8.6 percent this year on the London Metal Exchange. China is the largest buyer of the metal. GDP rose 7.3 percent in the third quarter, the slowest expansion since the first quarter of 2009.

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