Copper futures dropped for a fourth day in Shanghai, set for the worst weekly decline in seven weeks, as a deepening global recession sapped demand and sent stockpiles to a five-year high. The slowdown in China, the world’s largest user of the metal, could worsen as recessions in the U.S., Europe and Japan slash demand for the country’s exports. China’s economy expanded at the slowest rate in seven years in the fourth quarter, while U.S. builders began construction on homes at the slowest pace on record last month. “International economic headlines continue to make depressing reading,” David Moore, chief commodity strategist at Commonwealth Bank of Australia, said in an e-mail today. “The weak international economic environment weighed on prices.” Copper for April delivery on the Shanghai Futures Exchange fell as much as 4.6 percent to 25,210 yuan ($3,685) a metric ton, and was at 25,610 yuan at 10:07 a.m. local time, down 6.8 percent for the week. London Metal Exchange copper was up 1.3 percent at $3,130 a ton, set for a second weekly decline. The World Bureau of Metal Statistics said the metal used in electrical wiring and pipes was in a 286,000 ton surplus for the first 11 months of last year. Inventories of copper in warehouses monitored by the LME rose 1.2 percent to 422,450 tons yesterday, the highest since January 2004. Supplies of refined metal will exceed consumption by 478,000 tons this year, triple last year’s surplus, according to Morgan Stanley. Among other LME-traded metals, aluminum was up 1.5 percent at $1,349.50 a ton, and zinc added 2.2 percent to $1,144 a ton. Lead, nickel and tin hadn’t traded as of 10:08 a.m. Singapore time.

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