By Claudia Carpenter
Nov. 27 (Bloomberg) -- Copper fell in London on speculation a slumping U.S. economy will crimp demand in China for industrial metals. Lead dropped to a two-year low.
Some economic indicators in China showed a “faster decline” this month, Zhang Ping, chairman of the National Development and Reform Commission, said in Beijing today. Copper usage in the U.S., the largest buyer after China, fell 9 percent in the first eight months this year while demand in China climbed 13 percent, according to the International Copper Study Group.
“Over the last month or so, the perception is that China was slowing down faster than people thought it would,” said William Adams, an analyst at London-based Basemetals.com. “The western world is putting on the brakes rapidly and therefore China can see their export demand will suffer.”
Copper for delivery in three months declined $70 to $3,685 a metric ton as of 10:53 a.m. on the London Metal Exchange. Aluminum fell $6 to $1,794 and tin dropped $250 to $12,750 a ton.
Copper inventories gained 2,375 tons to 288,725 tons.
Lead inventories rose 250 tons to 41,200 tons, the first increase since Nov. 11.
The three-month lead contract fell $46 to $1,140 a ton and earlier traded at $1,130, the lowest since Aug. 7, 2006.
Zinc declined $27 to $1,233 a ton and nickel dropped $190 to $10,410 a ton.
To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net or ccarpenter2@bloomberg.net
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