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Copper Declines for First Day in Three on Slowing China Demand

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Chinese Refined Copper and Nickel Imports Hit Record in May

LONDON, June 25&nbsp;-- Copper fell for the first time in three days on speculation slowing seasonal demand may increase stockpiles and slow demand from China, the world's largest user.
&nbsp;&nbsp;&nbsp; The metal used in electrical wiring and plumbing dropped as much as 2.4 percent after reaching a six-day high of $5057.75 yesterday. Copper is up 63 percent this year, as Chinese buyers boosted imports to records in May to replenish stockpiles.
&nbsp;&nbsp;&nbsp; &quot;We're approaching the slow demand season,&quot; Li Junchao, an analyst at Western Mining Co.'s futures department, said from Shanghai today. &quot;With Chinese stockpiles on the rise and imports still at such high levels, investors are unwilling to pay for metal over $5,000.&quot;
&nbsp;&nbsp;&nbsp; Three-month delivery copper on the London Metal Exchange fell 1.4 percent to $4,987 a ton at 10:40 a.m. Singapore time. Copper for September delivery in New York dipped 0.6 percent to $2.2685 a pound, having earlier lost as much as 1.6 percent.
&nbsp;&nbsp;&nbsp; Stockpiles of copper monitored by the Shanghai Futures Exchange reached a 22-month-high of 68,536 tons last week, almost four-times the level at the start of the year. Imports in May were a record for a fourth straight month.
&nbsp;&nbsp;&nbsp; October-delivery copper on the Shanghai Futures Exchange rose 2 percent to 39,280 yuan ($5,748) a ton, having earlier fallen as much as 0.5 percent.
&nbsp;&nbsp;&nbsp; Among other LME-traded metals, aluminum fell 1.1 percent to $1,641 a ton, zinc dropped 1.9 percent to $1,580 a ton and lead lost 1.1 percent to $1,686 a ton. Nickel fell 1.3 percent to $15,300 a ton, while tin hadn't traded.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Copper Declines for First Day in Three on Slowing China Demand | Shanghai Non ferrous Metals

Copper Declines for First Day in Three on Slowing China Demand

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