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 Heads for 2nd Weekly Drop as China’s Imports Fall

Aug. 8 (Bloomberg) -- Copper headed for a second weekly decline after imports by China, the biggest user of the metal, fell to the lowest since April 2013.

The contract for delivery in three months on the London Metal Exchange fell as much as 0.5 percent to $6,961.25 a metric ton and was at $6,962.50 at 3:26 p.m. in Hong Kong. The metal touched $6,951.75 on Aug. 6, the lowest since June 30. Prices are down 1.4 percent this week.

Unwrought copper and copper products imports totaled 340,000 tons in July, declining for a third month, China’s customs agency said today. The country’s aluminum and aluminum products exports rose to 380,000 tons in July, the highest in three years, customs data showed.

“The drop in China’s copper imports dragged prices lower,” said Hwang Il Doo, a senior metals trader at Korea Exchange Bank Futures Co. in Seoul.

Copper has declined 5.4 percent this year, the worst performer among the six main metals on the LME. Stockpiles tracked by the exchange fell for a 13th day to 143,700 tons, the lowest since July 2008.

In New York, futures for September lost 0.3 percent to $3.167 a pound. Copper for delivery in October on the Shanghai Futures Exchange fell 0.1 percent to close at 49,710 yuan ($8,073) a ton.

On the LME, aluminum, zinc, nickel, tin and lead fell.

To contact the reporter on this story: Jae Hur in Tokyo at jhur1@bloomberg.net

To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net Jarrett Banks, Ovais Subhani

Please upgrade your Browser

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

Chrome, Firefox, Safari, Opera or Internet Explorer.