Copper Drops Most in a Week as China Data Fuels Demand Concern
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Copper futures fell the most in a week on concern that global supply will exceed demand after China, the world’s biggest consumer of the metal, reported weaker-than-expected exports.
Shipments rose 10 percent in March from a year earlier, Chinese customs figures showed today, less than the median estimate of 11.7 percent in a Bloomberg survey of analysts. Inventories of copper tracked by the London Metal Exchange are the highest since September 2003. Federal Reserve minutes showed today that some policy makers want the central bank to begin tapering its bond-buying program, easing up on measures intended to spur economic growth.