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Copper Falls to Two-Week Low on Signs Chinese Demand Slowing

Nickel Price Has Risen to High Level After 8 Months

LONDON/NEW YORK, June 22&nbsp; -- Copper in London and New York slumped to the lowest in more than two weeks on concern China, the world's largest user, may buy less and as gains by the dollar damped demand for commodities.
&nbsp;&nbsp;&nbsp; London prices fell for the first time in three days as rising stockpiles and a widening discount in Asian markets fueled speculation that Chinese imports may slow after four months of record shipments. Shanghai copper traded at more than 1,000 yuan ($146)-a-ton discount to London prices last week, according to Bloomberg calculations.
&nbsp;&nbsp;&nbsp; &quot;The market is pricing in slower seasonal demand, evidenced by increasing Chinese stockpiles,&quot; Yu Mengguo, senior analyst at Jinpeng International Futures Co., said from Beijing today.
&nbsp;&nbsp;&nbsp; Three-month delivery copper on the London Metal Exchange slid as much as 3.6 percent to $4,851.25 a metric ton, the lowest since June 4, and traded at $4,870 at 10:20 a.m. in Singapore. Copper for September delivery in New York lost as much as 2.2 percent to $2.2120 a pound, also the lowest since June 4, and last traded at $2.221.
&nbsp;&nbsp;&nbsp; September-delivery copper on the Shanghai Futures Exchange fell as much as 2.3 percent to 38,150 yuan a ton, the lowest for a most-active contract since June 1. It last traded at 38,370 yuan.
&nbsp;&nbsp;&nbsp; Inventories of copper in Shanghai warehouses expanded last week to the highest in almost 22 months, the exchange said after the market closed June 19. China's refined copper imports stood at 337,230 tons last month, up 6 percent from April, the customs office said today.
&nbsp;&nbsp;&nbsp; The dollar's strength is also weighing on the international market, according to Yu. The dollar rose 0.3 against a basket of six major currencies, extending last week's 0.2 percent gain.
&nbsp;&nbsp;&nbsp; Among other LME-traded metals, aluminum fell 1.5 percent to $1,654 a ton, zinc slid 1.3 percent to $1,555 a ton and lead lost 2.5 percent to $1,653.50 a ton. Nickel declined 3.3 percent to $14,700 a ton and tin slipped 0.2 percent to $14,800 a ton.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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