BLBG: Copper May Decline on Slump in U.S. Manufacturing, Survey Shows
Copper may drop next week, capping the biggest annual decline in more than two decades, as recession in the U.S. curbs demand from manufacturers.
Twelve of 23 analysts, investors and traders, or 52 percent, surveyed by Bloomberg News said copper would decline. Ten people, or 43 percent, expected a gain and one was neutral. Last week, 50 percent expected prices to decline.
Copper for delivery in three months on the London Metal Exchange has dropped 1.4 percent this week, and 57 percent this year, the most since at least 1987.
The Institute for Supply Management’s factory index probably dropped to 35.4 this month, the sixth straight decline, according to the median forecast of 35 economists surveyed by Bloomberg. The index of American manufacturing contracted in November at the steepest rate in 26 years. The industry report is due Jan. 2.