By Anna Stablum June 17 (Bloomberg) -- Copper fell for a second day in New York and London on concern a report may signal an uneven economic rebound in the U.S., the world’s second-biggest consumer of the metal. An index of manufacturing in eastern Pennsylvania, southern New Jersey and Delaware may indicate weaker growth, according to the median estimate from economists surveyed by Bloomberg. U.S. housing starts declined, figures showed yesterday. Prices slid today as the Chinese market reopened after the Dragon Boat holidays. “Prices have moved lower on the back of the Chinese market reopening and economic data from the U.S. showing a fall in the number of new houses being built,” John Meyer, a commodities analyst at Fairfax IS in London, said in a report. Futures for September delivery slid 4.35 cents, or 1.4 percent, to $2.97 a pound at 8:23 a.m. on the Comex in New York. The most-active contract retreated to the lowest intraday price since June 11. Copper for delivery in three months dropped 1.6 percent to $6,541 a metric ton on the London Metal Exchange. Prices rose 2.6 percent on the LME while trading was closed in China. The Asian nation is the biggest copper user. “The Chinese didn’t like prices up here, so they were not keen buyers overnight, which is why the price is lower,” said Randy North, a trader at RBC Capital Markets in London. Housing Starts The Philadelphia Federal Reserve Bank’s manufacturing index fell to 20 this month from 21.4 in May, according to economists. Readings above zero indicate growth. The figures are due at 10 a.m. Washington time. U.S. housing starts fell 10 percent, the most since March 2009, after a government tax credit expired, a report showed yesterday. Construction accounts for a quarter of copper use, according to the Copper Development Association. The figures weighed on prices today, Nic Brown, an analyst at Natixis Commodity Markets Ltd. in London, said by phone. “The end of tax incentives to buy houses in April means we will inevitably end up with a couple of very weak months in U.S. housing statistics before we return to some kind of normality,” he said. Also today, the Conference Board may say at 10 a.m. Washington time its index of leading economic indicators, a measure of the outlook for the next three to six months, rose 0.4 percent in May, the 13th gain in the past 14 months. Nickel for three-month delivery on the LME fell 1.2 percent to $19,800 a ton and aluminum slid 1 percent to $1,985 a ton. Zinc dropped 3.3 percent to $1,769 a ton, lead shed 1 percent to $1,743 a ton and tin fell 1.1 percent to $17,600 a ton. Stockpiles of copper tracked by the LME rose after 21 declines in a row, gaining 0.2 percent to 460,175 tons. Bookings to remove metal from warehouses slid for a second day, declining 1.5 percent to 28,400 tons. LME-monitored aluminum inventories fell 0.2 percent to 4.48 million tons. Metal booked for delivery from warehouses dropped 2.1 percent to 327,400 tons. To contact the reporter on the story: Anna Stablum in London at astablum@bloomberg.net.

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