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Copper Drops as China Purchases Unexpectedly Fall; Zinc Slumps 

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SHANGHAI, July 12 -- Copper dropped from a two-week high in London after imports by China, the world's largest metals consumer, decreased in June, signaling that demand growth may be weakening. Zinc slumped.
Three-month delivery copper fell as much as 0.8 percent to $6,707.25 a metric ton on the London Metal Exchange, and traded $6,710 at 10:11 a.m. in Shanghai. The contract rose to $6,760 a ton on July 9, the highest close since June 28. Zinc lost 2 percent to $1,866 a ton.
Shipments of copper and products into China fell for a third month in June to 328,231 tons, the customs office said July 10. That's 17 percent less than May and 31 percent less than a year earlier, according to Bloomberg calculations. Copper in London had its first quarterly decline since 2008 in the April-to-June period on concerns that the global economic recovery was weakening.
&quot;The unexpected decline in China's copper imports is bearish for prices in the short term,&quot; Zeng Chao, an analyst at Everbright Futures Co. said from Shanghai today.
Copper for October delivery fell as much as 0.5 percent to 53,400 yuan ($7,884) a ton on the Shanghai Futures Exchange and last traded at 53,500 yuan. Aluminum for three-month delivery in London lost 0.3 percent to $1,998 a ton and tin climbed 0.9 percent to $17,800 a ton, while lead dropped 0.7 percent to $1,832.50 a ton. Nickel hadn't traded as of 10:17 a.m. in Singapore.
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Copper Drops as China Purchases Unexpectedly Fall; Zinc Slumps

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