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Copper Drops to Lowest Price Since December as Imports Into China Tumble

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Mar.11 (Bloomberg) --Copper fell to the lowest in almost three months as imports slowed in China, the world&rsquo;s biggest user, and amid rising concern that global growth may ease.
In February, China&rsquo;s purchases of copper and products made from the metal tumbled 35 percent from a month earlier to the lowest in more than two years, customs figures showed today. The MSCI World (MXWO) Index of shares dropped the most since November, as Moody&rsquo;s Investors Service cut Spain&rsquo;s credit rating and U.S. jobless claims rose.
&quot;The market is down for a number of things,&rdquo; said Rick de los Reyes, who manages $700 million at T. Rowe Price Group Inc.&rsquo;s Global Metals and Mining Fund in Baltimore. &quot;We still have geopolitical concerns in the Middle East and northern Africa. Now, you&rsquo;ve got the European sovereign-debt concerns coming back. On top of that, there&rsquo;s a bit of weakness in the physical commodity market.&rdquo;
Copper futures for May delivery dropped 1.5 cents, or 0.4 percent, to close at $4.1975 a pound at 1:21 p.m. on the Comex in New York.
Earlier, the price reached $4.136, the lowest for a most-active contract since Dec. 17. The industrial metal has fallen 9.9 percent since reaching a record $4.6575 on Feb. 15.
&quot;The market has been waiting expectantly for signs of life in Chinese copper demand in the post-New Year period, but so far the signs are not good,&rdquo; said Nic Brown, an analyst at Natixis Commodity Markets Ltd. in London.
Copper as Collateral 
Most of the 550,000 metric tons of copper stockpiled in so-called bonded warehouses in Shanghai at the end of February was being used as collateral to obtain funds, Dan Smith, an analyst at Standard Chartered Plc, wrote in a report dated March 7.
&quot;With more material available, trading firms have been diverting metal into finance deals and using copper as collateral,&rdquo; Smith wrote.
Bonded warehouses are used to store shipments before duties are paid, and official data on levels of holdings aren&rsquo;t issued.
On the London Metal Exchange, copper for delivery in three months slid $84, or 0.9 percent, to $9,191 a metric ton ($4.17 a pound).
Lead, tin and nickel also fell in London. Aluminum and zinc gained. 
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Copper Futures Rally on the London Metal Exchange, Advance in Shanghai

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