Copper May Decline on Signs of Slowdown in China, Survey Shows

By Claudia Carpenter

Oct. 10 (Bloomberg) -- Copper may drop next week on signs of slowing demand from China, the world's biggest user of industrial metals.

Thirteen of 26 analysts and traders surveyed by Bloomberg yesterday and Oct. 8 forecast copper will drop. Ten expected an increase and three were neutral. Copper for delivery in three months on the London Metal Exchange has declined 19 percent this week.

Copper trading on China's Shanghai Futures Exchange was halted yesterday after prices plunged 14 percent the previous three sessions. China's monthly copper demand in August was below the 12-month moving average, according to a Barclays Capital report yesterday.

The London Metal Exchange annual convention next week brings traders, producers and consumers to London.

This week's survey results: Bullish: 10 Bearish: 13 Neutral: 3

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net