June 4 (Bloomberg) -- Copper may fall on concerns that demand could decline in China and Europe after manufacturing data found growth slowed last month, a survey showed.
Nine of 14 analysts, investors and traders surveyed by Bloomberg, or 64 percent, said the metal will drop next week. Two predicted higher prices and three expected little change.
Copper for delivery in three months was down 5.3 percent for this week at $6,572.50 a metric ton on the London Metal Exchange at 3:30 p.m. local time yesterday.
European factory-output growth slowed more than previously estimated last month. In China, copper's largest user, the Purchasing Managers' Index fell to 53.9 in May from 55.7 in April, missing the median estimate in a Bloomberg News survey of economists.
Copper is down 10 percent this year, partly on concern that Europe's sovereign-debt crisis will derail global growth. A stronger U.S. dollar also weighed on prices. The U.S. Dollar Index, a six-currency gauge of the greenback's strength, has risen 11 percent this year, making dollar-priced metals more expensive to holders of other monies.
The red bars on the attached chart are derived by subtracting bearish forecasts from bullish estimates, with readings below zero signaling the majority of respondents expect a decline. The green line shows the copper price. The survey data shown are as of May 28.
The weekly copper survey has forecast prices accurately in 45 of the past 89 weeks, or 51 percent of the time.