Copper May Fall Next Week in Most Bearish Call in Eight Months

By Claudia Carpenter

Jan. 16 (Bloomberg) -- Copper may decline next week as industrial production slows in China, the world’s largest buyer.

Seventeen of 25 analysts, investors and traders, or 68 percent, surveyed by Bloomberg News said copper would drop, the most bearish call since May 9. Six people, or 24 percent, expected a gain and two were neutral. Last week, 50 percent expected prices to fall.

Copper for delivery in three months on the London Metal Exchange has dropped 1.1 percent this week.

China’s industrial production probably grew 4.2 percent last month from a year earlier, according to the median estimate of 19 economists surveyed by Bloomberg News. The 5.4 percent jump in November was the smallest since Bloomberg data began in 1999. China is the world’s largest buyer of copper.

This week’s survey results: Bullish: 6 Bearish: 17 Neutral: 2

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