Dr. Copper Continues to Trend Lower as Stockpiles Build and Outlook for Growth Wanes

“Copper reached a one-week low in London on concern economies are weakening in the world’s biggest consumers of the metal while stockpiles are the highest since 2003, indicating ample supply.

The German economy expanded less than forecast in the first quarter, statistics showed today. Bank of America Merrill Lynch cut its estimate for growth this year in China, following JPMorgan Chase & Co. by a day. A report today will show industrial production in the U.S. shrank 0.2 percent last month, economists said. The nations are the three largest copper users.

“The poor GDP figures from Germany and France plus banks’ cut on China GDP growth lent much pressure to the metals market,” Pengjiang “Richard” Fu, director for Asian commodities trading at Newedge Group SA in London, said by e-mail. France entered a recession last quarter, figures showed.

Copper for delivery in three months slid 1.1 percent to $7,166 a metric ton by 10:23 a.m. on the London Metal Exchange. Prices reached $7,151, the lowest since May 3. Copper for delivery in July fell 1 percent to $3.254 a pound on the Comex in New York. Aluminum retreated for a fifth session in London and tin tumbled the most in two weeks….”

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