Bloomberg the Company & Products

Bloomberg Anywhere Login

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 to Trim Weekly Gain as China Demand Concern Mounts

Don't Miss Out —
Follow us on:

July 12 (Bloomberg) -- Copper dropped for the first time in three days, trimming a weekly advance, amid concern that slowing economic growth in China will hurt demand for metals. Aluminum, zinc, lead and nickel declined.

Metal for delivery in three months lost 0.7 percent to $6,953.75 a metric ton on the London Metal Exchange at 3:33 p.m. in Seoul. The price is still up 2.4 percent this week, the best run since the five days ended May 3. The contract for delivery in November slipped 1.3 percent to 50,040 yuan a ton ($8,149) on the Shanghai Futures Exchange.

Two gauges of China’s manufacturing fell last month and factory-gate prices for June marked the worst run of declines since 2002, data showed this month, underscoring a sustained slowdown in the world’s top metals user. Chinese Premier Li Keqiang said policy should ensure economic activity moves within a reasonable range, according to a Xinhua News Agency report.

“Macro indicators out of China have been weak so far,” said Chae Un Soo, a metals trader at Seoul-based Korea Exchange Bank Futures Co. “The comment by Li Keqiang does not seem to have assured the market that he will surely do something to boost growth.”

Futures for delivery in September fell 0.7 percent to $3.1565 a pound on the Comex in New York. On the LME tin gained.

To contact the reporter on this story: Sungwoo Park in Seoul at spark47@bloomberg.net

To contact the editor responsible for this story: Brett Miller at bmiller30@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.