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Copper, Zinc Head for Weekly Drop as China, U.S. Growth Ease 

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SHANGHAI, July 16 -- Copper declined, heading for a weekly drop on signs that economic growth is slowing in China and the U.S., the world's two largest consumers of the metal.
Copper for three-month delivery lost 0.2 percent to $6,665 a metric ton on the London Metal Exchange at 10:18 a.m. in Shanghai, and has declined 1.4 percent this week. Zinc rose 1.4 percent to $1,833.25 a ton, narrowing this week's loss to 3.7 percent.
China's economic growth eased to 10.3 percent in the second quarter and industrial production slowed more than forecast in June. The U.S. Federal Reserve trimmed its growth forecast and the country's retail sales declined more than predicted. Copper, used in construction and home appliances, had its first quarterly loss since 2008 in the April-to-June period on concerns that the global economic recovery was weakening.
&quot;Equities responded poorly to the economic data, damping sentiment for metal investors who have been struggling for a direction,&quot; Zhang Hao, an analyst at Citic Newedge Futures Co., said from Shanghai today.
Still, China and India's construction industries will drive copper and zinc prices higher this year, said Thomas Findley, chief executive officer of Canadian exploration company Rio Cristal Zinc Resources Corp.
Copper for October delivery in Shanghai added as much as 0.7 percent to 53,260 yuan ($7,865) a ton and last traded at 53,110 yuan. Aluminum in London was little changed at $2,015 a ton, while nickel dropped 0.5 percent to $19,300 a ton. Lead and tin both advanced 1 percent to $1,815 a ton and $18,100 a ton as of 10:32 a.m. in Shanghai.
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Copper, Zinc Head for Weekly Drop as China, U.S. Growth Ease  | Shanghai Non ferrous Metals

Copper, Zinc Head for Weekly Drop as China, U.S. Growth Ease

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