Copper Futures Decline Amid Skepticism on China Demand Outlook
- China's non-industrial copper use seen as overstated: BI
- Market hasn't `seen that much physical interest': SG's Bhar
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Copper futures slipped for a second session amid growing skepticism about demand in China, the largest user of the metal.
China’s non-industrial use of copper, mainly construction, has been overstated by about 15.5 million metric tons since 2011, according to a Bloomberg Intelligence analysis of property data. Inventories tracked by the Shanghai Futures Exchange are near a record. In the U.S., mortgage applications fell for a third straight week, according to data released on Wednesday by the Mortgage Bankers Association.