Copper Drops First Time in Three Days on China Demand ConcernBloomberg News
Copper declined for the first time in three days amid speculation that China’s economic slowdown is deepening, raising concerns over demand prospects.
Metal for delivery in three months on the London Metal Exchange fell as much as 1.5 percent to $7,303.75 a metric ton and was at $7,305 at 2:45 p.m. Shanghai time. Copper for delivery in September on the Shanghai Futures Exchange fell 1.4 percent to 52,640 yuan ($8,569) a ton, while the contract for July delivery on the Comex lost 1.2 percent to $3.3195 a pound.
China’s investment decelerated in April as industrial output trailed estimates, data showed yesterday. Power output was 399.4 billion kilowatt-hours last month, compared with 419.4 billion kilowatt-hours in March. Beijing home pre-sales will need additional approval from the mayor’s office, in addition to the regular housing bureau, the 21st Century Business Herald reported today. The Shanghai Composite Index fell as much as 1.6 percent, the most since April 23.
“The sliding stock market dragged down commodities,” Zhang Tianfeng, an analyst at Dongxing Futures Co., said by phone from Shanghai. “Investors are still very concerned about China’s growth prospects.”
Freeport-McMoRan Copper & Gold Inc.’s Indonesia unit said a tunnel collapse at underground mine used for training in Papua trapped employees without affecting production.
On the LME, aluminum, zinc, lead and tin declined, while nickel gained.