Copper Falls as U.S. Housing Slump May Hurt Demand
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Copper fell the most in almost two weeks as a bigger-than-estimated slump in U.S. home sales fueled concern that the economic recovery is faltering, signaling weaker demand for metal used in electrical wires and plumbing.
Purchases of previously owned homes plunged a record 27.2 percent to a 3.83 million annual rate, figures from the National Association of Realtors showed today. The median forecast of economists surveyed by Bloomberg was 4.65 million. The U.S. is the world’s largest copper consumer after China.