Copper Posts Biggest Decline Since 2011 on China Demand Concern
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Copper futures in New York capped the biggest loss in more than two years as China’s first onshore default stoked concern that rising debt will curb demand in the Asian nation, the world’s largest consumer.
After Shanghai Chaori Solar Energy Science & Technology Co. failed to pay full interest on its bonds, more defaults may follow, including by makers of nonferrous metals, said Qiu Xinhong, a bond-fund manager in Guangzhou at Golden Eagle Asset Management Co. Copper stockpiles monitored by the Shanghai Futures Exchange have climbed for eight straight weeks, the longest streak in two years, adding to signs of slowing use.