Copper Drops in London as Demand in China Seen Weakening

Copper declined in London for the fourth time this week as inventories expanded amid signs of lower demand for the metal as loan collateral in China, the world’s biggest user.

Stockpiles in warehouses tracked by the Shanghai Futures Exchange gained for the third straight week to the highest since June 5. China’s imports of unwrought copper and copper products fell in June to the lowest since April 2013, data showed yesterday. Inbound shipments will weaken in July amid the Qingdao port probe into inventories used in financing, Australia & New Zealand Banking Group Ltd. said.