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Copper Drops From Five-Month High, Paring Weekly Advance, on U.S. Economy

Copper Is Little Changed in London Before U.S., German Data: LME Preview

Sep 24 (Bloomberg)--
Copper declined from a five-month high, paring a second weekly advance, as an increase in U.S. jobless claims signaled the recovery in the second-largest user may stall, damping demand. Zinc and aluminum dropped.
The three-month contract on the London Metal Exchange fell as much as 0.6 percent to $7,835 a metric ton, and traded at $7,873 at 9:48 a.m. in Singapore. The metal climbed to $7,909 a ton yesterday, the highest price since April 16. December- delivery copper on the Comex division of the New York Mercantile Exchange shed 0.2 percent to $3.5820 a pound.
&quot;Today, economic data will be in the focus again, with U.S. durable goods orders and German IFO business climate,&rdquo; Credit Suisse Group AG analysts including Stefan Graber, wrote in a note to clients today. &quot;Weaker-than-expected figures could trigger a minor pullback in the sector.&rdquo;
Copper is still up for a second week, by 1.8 percent, as the dollar weakened on prospects for a further easing of U.S. monetary policy by the Federal Reserve to bolster the economy. The dollar, little changed against a six-currency basket, including the euro, is heading for a second weekly drop.
Economists forecast orders for U.S. durable goods dropped in August, giving the U.S. Central Bank more reason to keep borrowing costs low. Business confidence in Germany probably fell from a three-year high in September as a global slowdown damped the country&rsquo;s export-driven recovery.
Aluminum in London fell 0.4 percent to $2,282 a ton, zinc lost 0.7 percent to $2,233.75 a ton, lead dropped 0.2 percent to $2,270 a ton, and nickel shed 0.7 percent to $22,600 a ton. Tin hadn&rsquo;t traded.&nbsp; 
 
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