Copper Declines on Speculation China May Sell From Stockpiles
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Copper dropped for the first time in five days, falling by the most in two weeks, on speculation China’s State Reserve Bureau may sell some of its stockpiles after prices rallied to the highest level in four months.
The three-month delivery contract lost as much as 1.4 percent, the biggest intraday drop since Aug. 25, to $7,601.25 a metric ton on the London Metal Exchange, and traded at $7,630 at 3:08 p.m. in Singapore. The commodity climbed to $7,750 Sept. 3, the highest level since April 27, after better-than-expected U.S. jobs data eased concerns the economic recovery was faltering.