copper futures quotes

copper futures quotes

November 14th, 2014

Copper futures headed for a second weekly drop as worse-than-expected economic data fueled concern that slowing global growth will temper demand.

Industrial production in China, the biggest copper user, increased less in October than estimated by analysts, figures showed yesterday. The world economy is in its worst shape in two years, according to a Bloomberg Global Poll of international investors. An index of the six main metals traded on the London Metal Exchange fell yesterday after two sessions of gains.

“I think what we’re seeing is a bit of catch-up,” Robin Bhar, an analyst at Societe Generale SA in London, said by phone. “Base metals have been pretty resilient most of the week, seeming to be almost immune to gathering poor news coming out of most economies.”

Copper for delivery in March rose 0.3 percent to $2.9965 a pound at 7:44 a.m. on the Comex in New York, narrowing the weekly decline to 1.4 percent. The LME’s contract for delivery in three months fell 0.5 percent to $6,627 a metric ton.

“Yesterday’s pullback across the base metals has removed the upward bias that the charts were showing,” William Adams, head of research at FastMarkets in London, said in an e-mailed report.

The euro area and emerging markets are deteriorating and the danger of deflation is rising, according to the Bloomberg poll. The European Union lowered its forecasts for euro-region economic growth on Nov. 4. A private factory gauge for China due next week will give a little-changed preliminary reading for this month, a separate survey showed.

Stockpiles of copper monitored by the LME declined 0.3 percent to 159,400 tons, daily data showed. That capped a second weekly drop.

Copper also retreated this week as the dollar headed for a fourth weekly gain against a 10-currency basket. A stronger greenback tends to make raw materials priced in dollars less appealing as an alternative investment.

Aluminum and zinc slid in London as nickel rose. Tin and lead were little changed.

- Laura Clarke in London at Bloomberg.