By Anna Stablum
Oct. 30 (Bloomberg) -- Copper may decline in London on speculation the dollar will rebound further, curbing demand and making metals priced in the currency more expensive for holders of other monies, a survey showed.
Eight of 15 analysts, investors and traders surveyed by Bloomberg, or 53 percent, said the metal would fall next week. Seven predicted higher prices.
The Dollar Index, a gauge of the greenback’s performance against six currencies, has risen this week after three weekly drops, paring its 2009 loss to 6.6 percent. The dollar’s slide has helped copper prices to more than double by spurring demand for alternative investments.
Copper for three-month delivery was little changed this week at $6,651 a metric ton at 5 p.m. yesterday on the London Metal Exchange.
The weekly copper survey has forecast prices accurately in 30 of the past 61 weeks, or 49 percent of the time.
This week’s survey results: Bullish: 7 Bearish: 8
To contact the reporter on this story: Anna Stablum in London at astablum@bloomberg.net
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