BLBG: Copper May Fall on Reduced U.S., European Demand, Survey Shows
By Claudia Carpenter
Oct. 17 (Bloomberg) -- Copper may drop next week as speculation about a recession curbs demand for metals.
Fourteen of 22 analysts and traders surveyed by Bloomberg yesterday and Oct. 15 said copper will drop. Six expected a gain and two were neutral. Copper for delivery in three months on the London Metal Exchange has declined 0.4 percent this week.
Copper demand is ``weakening particularly from the U.S. and Europe,'' Jose Pablo Arellano, chief executive officer of Codelco, the world's largest copper producer, said this week. U.S. industrial production in September fell 2.8 percent, the most since December 1974, according to the Federal Reserve.
This week's survey results: Bullish: 6 Bearish: 14 Neutral: 2
To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net
