BLBG: Copper May Fall on Slowdown in China, U.S. Output, Survey Shows
By Claudia Carpenter
Dec. 12 (Bloomberg) -- Copper may drop next week as slowing industrial output curbs demand in China and the U.S., the largest buyers of the metal used in cars and homes.
Seventeen of 31 analysts, investors and traders, or 55 percent, surveyed by Bloomberg News said copper will decline. Eleven people, or 35 percent, expected a gain and three were neutral. Last week, 58 percent expected prices to decline.
Copper for delivery in three months on the London Metal Exchange has risen 3 percent this week.
China’s industrial production slowed to an increase of 7.2 percent in November compared with a year earlier, according to the median forecast in a Bloomberg News survey of 14 economists. U.S. industrial production dropped 0.8 percent in November from October, according to a separate Bloomberg survey of economists. Both reports are set for release on Dec. 15.
This week’s survey results: Bullish: 11 Bearish: 17 Neutral: 3
To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net