BLBG: Copper May Fall on Slowdown in Economy in China, Survey Shows
By Claudia Carpenter
Dec. 5 (Bloomberg) -- Copper may drop next week as a slowdown in China, the world’s largest user, erodes demand for the metal used in cars and homes.
Fourteen of 24 analysts, investors and traders, or 58 percent, surveyed by Bloomberg News said copper will decline. Eight people, or 33 percent, expected a gain and two were neutral. Last week, 58 percent expected prices to decline.
Copper for delivery in three months on the London Metal Exchange has fallen 12 percent this week. China’s industrial production dropped 4 percent in October from September, Surrey, U.K-based research company CHR Metals Ltd. estimates.
“Everybody’s expecting a further contraction has taken place in November,” CHR director Huw Roberts said yesterday. “China’s industrial economy is in recession.”
This week’s survey results: Bullish: 8 Bearish: 14 Neutral: 2
To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net
