“Copper declined in London for a second day to a one-week low on concerns that the global economic recovery may be faltering as manufacturing slows from China to the U.S.
Manufacturing in the U.S. grew at the slowest pace in more than a year last month, according to a report yesterday, while industrial production cooled in India. A manufacturing index in China showed the slowest pace of expansion in nine months, official data showed this week. Copper for immediate delivery also fell before a U.S. factory orders report that economists say will show the biggest drop since October.
“The market is starting to take more seriously the prospect of a meaningful slowdown in growth in the western world, and potentially in China,” said Daniel Brebner, an analyst at Deutsche Bank AG in London.
Three-month delivery copper on the London Metal Exchange fell $52, or 0.6 percent, to $9,050 a metric ton by 9:31 a.m. The metal fell as much as 0.9 percent to $9,016, the lowest level in a week. Copper for July-delivery declined 0.2 percent to $4.10 a pound on the Comex in New Yotk.
The U.S. Institute for Supply Management’s factory index fell more than projected to 53.5 last month, the lowest level since September 2009, from 60.4 in April, yesterday’s report showed. Companies added 38,000 workers to payrolls, the fewest since September, ADP Employer Services said.”
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