Concerns that trade data from China may have been massaged have contributed to copper's previous gains disappearing.
The series of PMI data from the world’s biggest economy implies that growth may well slow down in the coming year. There is also a belief that the recent macro data may be distorted due to the timing of the new year. The weaker equity markets have also dented the momentum.
Support should now arise from 200-hour moving average at $3.21/lb.