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Copper Futures Slip as U.S. Housing Data Signal Cooling Demand

  • Construction spending fell in June, according to Census Bureau
  • Most other industrial metals also drop as dollar strengthens
Updated on

Copper fell as other industrial metals slipped amid mounting signs that global demand is slowing.

In the U.S., the MBA mortgage applications index fell 3.5 percent last week, a third straight decline, while purchases also dropped, data from the Mortgage Bankers Association show. U.S. construction spending in June unexpectedly fell 0.6 percent, according to the Census Bureau. Construction accounts for about 30 percent of global copper demand, according to Wood Mackenzie Ltd.