Copper May Fall After Three-Week Rally Curbs Demand From China

Copper may drop next week on speculation a three-week rally will curb demand from China, the world¡¯s largest buyer.

Eleven of 20 analysts, investors and traders, or 55 percent, surveyed by Bloomberg News said copper would decline. Nine people, or 45 percent, expected a gain. Last week, 53 percent expected prices to gain.

Copper for delivery in three months on the London Metal Exchange has climbed 1.9 percent this week to $4,125 a metric ton. Prices rose 10 percent in the previous two weeks.

China has purchased copper for stockpiles and to fill a gap from a shortage of scrap metal, according to Eliane Tanner, an analyst at Credit Suisse Group in Zurich. ¡°With rising prices they might buy less,¡± she said yesterday.

The weekly Bloomberg copper survey has forecast prices accurately in 16 of the past 30 weeks, or 53 percent of the time.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.