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Copper Falls in Shanghai as U.S. Home Sales Drop Raises Concern |
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Copper fell in Shanghai after fresh evidence of a deepening housing slump in the U.S. raised concern that economic growth will slow in the world's second-largest consumer of the metal, curbing demand.
A private report yesterday said the number of Americans signing contracts to buy previously owned homes in July fell by the most since records began in 2001. Other reports showed sales of commercial properties declined and companies added the fewest jobs in August in more than four years.
"For the past few sessions, due to lack of other indicators, Shanghai copper has been tracking moves on the London Metal Exchange,'' Li Zhicheng, an analyst at Zhujiang Futures Co. in Guangzhou, said today. "The base metals complex has been rather weak lately, and this is also being reflected in the lackluster performance in Shanghai.''
Copper for November delivery on the Shanghai Futures Exchange fell as much as 1.1 percent, or 710 yuan, to 64,090 yuan ($8,496) a metric ton. It declined 0.7 percent to 64,340 yuan a ton at the 11:30 a.m. local time break.
The metal for immediate delivery in Changjiang fell as much as 1.1 percent to 64,400 yuan a ton today.
London Metal Exchange copper for delivery in three months gained 1 percent to $7,228 a ton at the same time, after slumping 2.1 percent to close at $7,160 a ton yesterday.
December delivery copper on the Comex division of the New York Mercantile Exchange traded 0.5 percent higher at $3.2805 a pound, after falling 1.3 percent to $3.263 a pound yesterday.
Zinc Declines
Zinc in Shanghai for November delivery closed the morning down 2.6 percent at 26,420 yuan a ton, and zinc for delivery in three months on the London Metal Exchange was 1.7 percent higher at $2,869 a ton in Shanghai.
Shanghai November aluminum was little changed a 19,320 yuan a ton, and LME aluminum was up 0.2 percent at $2,450 a ton.
Among other LME metals, lead gained 1.2 percent to $2,959 a Ton. Nickel and tin were untraded in Asia after slipping yesterday by 4.9 percent to $27,300 a ton, and 0.2 percent to $14,650 a ton, respectively. back to the News |
