Copper Declines for Second Day on U.S., China Demand Concerns
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Copper dropped for a second straight session amid concern that lower-than-forecast growth in the U.S. and China, the world’s biggest consumers of the metal, will damp demand. Zinc, aluminum and lead retreated.
Copper for delivery in three months lost as much as 0.7 percent to $6,980 a metric ton on the London Metal Exchange and was at $7,013 by 2:30 p.m. in Seoul. Prices slumped 2.1 percent on April 26, the most since April 17. Futures for July delivery fell 0.5 percent to $3.1715 a pound on the Comex. Markets in China are closed for a three-day holiday through May 1.