Copper fell to a one-week low on signs that demand growth is slowing in China, the world’s largest consumer of the metal.
China’s economy will expand 7.7 percent this year, down from the prior 8 percent forecast, Bank of America said. Chinese exports in July rose 1 percent from a year earlier, the customs bureau said on Aug. 10. Analysts surveyed by Bloomberg News forecast an 8 percent increase. Copper prices are down 12 percent since the end of April.
“The base-metals complex has drifted lower with the market still digesting last week’s poor Chinese economic data,” Standard Bank Plc said in an e-mailed report.
Copper futures for September delivery fell 1.1 percent to settle at $3.3535 a pound at 1:09 p.m. on the Comex in New York, after dropping to $3.342, the lowest since Aug. 3.
On the London Metal Exchange, copper for delivery in three months slumped 1.3 percent to $7,395 a metric ton ($3.35 a pound), the biggest drop since Aug. 2.
Stockpiles monitored by the LME fell 0.9 percent to 239,175 tons, the lowest since June 11, on withdrawals from warehouses in Singapore and Busan, South Korea, daily exchange figures showed. Orders to remove the metal from inventories slid 8.2 percent, the most in more than two months, to 35,475 tons.
Aluminum, tin, nickel, zinc and lead also declined in London.