Copper Traders Are Bearish for a Third Week Amid Demand Concerns

Copper traders, analysts are bearish for 3rd wk on concern demand for metal in China, biggest user, will slow. * Survey results: Bullish: 6 Bearish: 11 Neutral: 2 * Copper rose 0.3% in Shanghai today as markets reopened after Lunar New Year holiday * “The return of China from holiday will do little in my view,” Bill O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said by e-mail * “Market is suffering from emerging market concerns and nervous equities. In this atmosphere, copper will have a difficult time near-term. Traders seem to be ignoring LME inventory movements. Funds seem to have little interest in buying,” O’Neill said * NOTE: Copper stockpiles tracked by LME down 20% in past yr * Copper rose 1.3% this wk to $7,154.50/t

To contact the reporters on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net; Jae Hur in Tokyo at jhur1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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