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Copper Falls, Posts Weekly Decline on Concern About U.S., China Demand

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Sep 11 (Bloomberg)&mdash;
Copper fell, capping the first weekly drop in a month, on signs of slowing demand.
Orders to draw copper from inventories at the London Metal Exchange declined for a seventh straight day to the lowest level since Aug. 13. Copper has gained 18 percent since July 1 as improving economic data eased concerns that there will be another recession. On Sept. 3, futures reached $3.5345 a pound, the highest level since April 27.
&quot;Prices are pulling back off of recent highs,&rdquo; said Richard Ilczyszyn, a senior market strategist at Lind-Waldock, a broker in Chicago.
&quot;This is healthy for the market&rdquo; and poses &quot;a buying opportunity,&rdquo; he said.
Copper futures for delivery in December declined 3.7 cents, or 1.1 percent, to close at $3.4065 a pound at 1:29 p.m. on the Comex in New York. The price dropped 2.7 percent this week, after three consecutive gains.
Futures also fell on concern that demand will slow in China, the world&rsquo;s largest metals user. The country advanced the release of August economic figures to tomorrow, stoking speculation that its central bank may be preparing to raise a benchmark interest rate before trading open on Sept. 13.
&quot;The market is anticipating a possible rate hike out of China, which is bearish for metals in general,&rdquo; said Mike Daly, a senior analyst at PFG Best Research, a brokerage in Chicago.
On the LME, copper for delivery in three months fell $69, or 0.9 percent, to $7,486 a metric ton ($3.40 a pound). Nickel, lead, aluminum and zinc prices fell. Tin rose.
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Offers of Minor Metals in Europe (2010-9-10)

Copper Falls, Posts Weekly Decline on Concern About U.S., China Demand | Shanghai Non ferrous Metals

Copper Falls, Posts Weekly Decline on Concern About U.S., China Demand

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