Copper May Fall as U.S. Economy Loses More Jobs, Survey Shows

By Claudia Carpenter

Oct. 31 (Bloomberg) -- Copper may drop next week on a slumping economy in the U.S., the second largest user of the metal.

Thirteen of 29 analysts, investors and traders surveyed by Bloomberg yesterday and Oct. 29 said copper will decline. Eleven expected a gain and five were neutral. Copper for delivery in three months on the London Metal Exchange has gained 3.6 percent this week, heading for the biggest weekly jump since Aug. 22.

U.S. employers this month probably slashed 175,000 jobs, the median of 25 economists surveyed by Bloomberg News showed. That would be the most jobs cut since March 2003. The Labor Department report is set for release on Nov. 7. China is the largest buyer of copper used in housing and power plants.

This week's survey results: Bullish: 11 Bearish: 13 Neutral: 5

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