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Copper Declines in Asia Ahead of Chinese Imports Data Tomorrow

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SINGAPORE, Oct. 13 -- Copper fell in Asia on speculation a report tomorrow may show imports by China, the world's largest user of the metal, dropped for a third month in September.
&nbsp;&nbsp;&nbsp; Investors are wary that the approaching year-end slow season may not support a rise in prices this month, according to Tianjin-based First Futures Brokerage Co. Copper reached a three-week high in London last week as rising equity markets and a weaker dollar boosted investor demand for commodities.
&nbsp;&nbsp;&nbsp; &quot;Commodities have been driving each other higher, the momentum driven by a weaker dollar and some positive economic data,&quot; First Futures' chief analyst Liang Lijuan, said today from Beijing. &quot;Going forward, while demand in China is relatively stable, it may not be enough to justify such high prices.&quot;
&nbsp;&nbsp;&nbsp; London Metal Exchange copper for delivery in three months fell as much as 0.7 percent to $6,235 a metric ton and traded at $6,271 a ton at 11:35 a.m. in Singapore, more than doubling this year. The metal reached $6,363 a ton Oct. 8, the highest since Sept. 18.
&nbsp;&nbsp;&nbsp; Copper for January delivery on the Shanghai Futures Exchange dropped as much as 0.8 percent to 48,620 yuan ($7,124) a ton, and last traded at 48,880 yuan. December-delivery copper on the Comex division of the New York Mercantile Exchange was barely changed at $2.8550 a pound.
&nbsp;&nbsp;&nbsp; China Imports 
&nbsp;&nbsp;&nbsp; China's purchases of copper and related products fell to 325,098 tons in August, down 20 percent from a month earlier, as overseas prices gained. China is expected to release the September data tomorrow.
&nbsp;&nbsp;&nbsp; &quot;China is critical to what has gone on in the market in 2009 and it continues to be that way,&quot; Richard Adkerson, chief executive officer of Freeport-McMoRan Copper &amp; Gold Inc., said in a Bloomberg Television interview. &quot;There are positive signs in the economic situation in the western world, in the financial markets in particular, but that's yet to translate into fundamental demand.&quot;
&nbsp;&nbsp;&nbsp; Among other LME-traded metals, aluminum fell 0.5 percent to $1,938 a ton, zinc slid 1.1 percent to $2,072 a ton, and lead lost 0.7 percent to $2,280 a ton. Nickel fell 0.7 percent to $18,700 a ton, while tin hadn't traded.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)

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Copper Declines in Asia Ahead of Chinese Imports Data Tomorrow | SMM

Copper Declines in Asia Ahead of Chinese Imports Data Tomorrow

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