“Copper fell the most in almost two weeks in London amid signs growth is slowing in China, the world’s biggest consumer of the metal, as inventories swell.
China’s economy will expand 7.6 percent this year, JPMorgan Chase & Co. said today, cutting its estimate from 7.8 percent a day after a report showed industrial production in the nation expanded less than predicted by economists. Copper stockpiles monitored by the London Metal Exchange increased the most in four weeks, according to daily figures.
“The market is well supplied, and China is not growing as fast as everyone was hoping,” David Wilson, an analyst at Citigroup Inc. in London, said by phone.
Copper for delivery in three months slid 2.3 percent to $7,241 a metric ton by 11:32 a.m. on the LME. Prices dropped as much as 2.4 percent, the most since May 1. Copper for delivery in July fell 2.2 percent to $3.287 a pound on the Comex.
The metal also retreated as European Union statistics showed industrial production in the euro area dropped 1.7 percent on the year in March, the 17th decline in a row….”
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