Copper price falls in London
Friday, 16 July 2010
LONDON, July 15 (Bloomberg): Copper fell in London on concern demand may wane in China, the world's biggest user, after economic growth weakened and industrial production rose less than estimated.
Gross domestic product expanded by 10.3 per cent in the second quarter, down from the prior three months. Factory output gained 13.7 per cent, less than all except one of 27 forecasts in a Bloomberg News survey. Copper also slid after the Federal Reserve Wednesday cut its forecast for growth in the US, the second-largest consumer of the metal.
"The Chinese data shows a clear slowdown," said Jesper Dannesboe, a strategist at Societe Generale SA in London. "But we would expect the Chinese government to prevent the slowdown" from continuing in the second half, he said.
Copper for delivery in three months declined $47, or 0.7 per cent, to $6,678 a metric tonne at 9:39 am on the London Metal Exchange. Futures for September delivery rose 0.4 per cent to $3.0215 a pound on the Comex in New York.
Gross domestic product expanded by 10.3 per cent in the second quarter, down from the prior three months. Factory output gained 13.7 per cent, less than all except one of 27 forecasts in a Bloomberg News survey. Copper also slid after the Federal Reserve Wednesday cut its forecast for growth in the US, the second-largest consumer of the metal.
"The Chinese data shows a clear slowdown," said Jesper Dannesboe, a strategist at Societe Generale SA in London. "But we would expect the Chinese government to prevent the slowdown" from continuing in the second half, he said.
Copper for delivery in three months declined $47, or 0.7 per cent, to $6,678 a metric tonne at 9:39 am on the London Metal Exchange. Futures for September delivery rose 0.4 per cent to $3.0215 a pound on the Comex in New York.