Copper Trades Near One-Month High Amid China SpeculationBloomberg News
Copper declined for the first time in four days after U.S. home sales fell unexpectedly. Aluminum, lead, tin and zinc also dropped.
Copper for delivery in three months fell as much as 0.6 percent to $6,985 a metric ton on the London Metal Exchange and was at $6,995.25 by 2:34 p.m. in Shanghai. The price rose as much as 2 percent to $7,053 yesterday, the highest since June 18.
Previously-owned home sales in the U.S. fell unexpectedly in June to a 5.08 million annualized rate, the National Association of Realtors reported yesterday. The median forecast was 5.26 million. Half of economists surveyed by Bloomberg on July 18-22 said the Federal Reserve will begin trimming its monthly bond purchases in September, up from 44 percent in last month’s poll.
“The rally yesterday prompted some liquidation, given lingering concerns over the Fed’s stimulus exit,” said Wang Jingjing, an analyst at Founder Futures Co.
Metal for delivery in November on the Shanghai Futures Exchange was little changed at 50,320 yuan ($8,196) a ton. Copper for delivery in September on the Comex fell 0.5 percent to $3.1705 a pound.