Aug. 9 (Bloomberg) –Orders to remove copper from stockpiles monitored by the London Metal Exchange dropped for a 13th session to a four-month low. Orders for aluminum, lead and zinc also declined.
Copper orders, known as canceled warrants, fell 1,275 metric tons, or 11 percent, to 10,125 tons on declines in New Orleans and Gwangyang in South Korea, daily LME figures showed. That was the lowest level since April 8.
Aluminum canceled warrants dropped for an 11th session, falling 3 percent to 320,525 tons on drops in South Korea and the U.S. Lead canceled warrants dropped 6.2 percent to 9,900 tons, the lowest level since June 17, and zinc orders declined 1.9 percent to 108,925 tons after last week reaching the highest level since April 2006.
"The recent downtrend in canceled warrants is probably a combination of the typical summer lull and consumers in wait- and-see mode," said Sven Streitmayer, an analyst at Landesbank Baden-Wuerttemberg in Stuttgart, Germany.
Orders to draw nickel and tin from stocks rose to the highest levels since July 14 and July 20, respectively.