Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Copper Falls Most in Three Weeks on China Inflation Data

Jan. 11 (Bloomberg) -- Copper fell the most in three weeks as China’s inflation accelerated more than forecast, fueling speculation that the government will curb economic stimulus.

China, the world’s biggest user of industrial metals, said today that consumer prices gained 2.5 percent last month from a year earlier. The median estimate in a Bloomberg survey of analysts was 2.3 percent. Copper also slid as stockpiles monitored by exchanges in London and Shanghai reached the highest since at least April.

“The thinking is that with China’s inflation numbers up like this, they’re not going to need more stimulus,” Frank Cholly, a senior commodity broker at RJO Futures in Chicago, said in a telephone interview. “That’s taking copper down.”

Copper futures for March delivery fell 1.5 percent to settle at $3.654 a pound at 1:17 p.m. on the Comex in New York, the biggest decline for a most-active contract since Dec. 20. The metal dropped for the sixth time in seven sessions.

Inventory tracked by the London Metal Exchange advanced 1.2 percent to 330,450 metric tons, the highest since Jan. 31. That capped a 3.2 percent weekly increase, the sixth in a row. Stockpiles monitored by the Shanghai Futures Exchange climbed to 209,096 tons, the highest since April.

On the LME, copper for delivery in three months slid 0.9 percent to $8,045 a ton ($3.65 a pound). Aluminum, lead and zinc also fell, while tin and nickel rose.

To contact the reporters on this story: Joe Richter in New York at jrichter1@bloomberg.net; Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.