Copper fell for a third day in New York on concern demand may weaken as Europe’s debt crisis persists and economic growth slows in China, the top global consumer of the metal. Moody’s Investors Service yesterday cut Spain’s credit rating for a third time since June 2010 as the crisis weighs on the country’s growth prospects. Gross domestic product in China expanded in the third quarter at the slowest pace since 2009, figures from the country’s statistics bureau showed yesterday. “Full-scale restocking might not kick in until the first quarter of 2012” in China, Andrey Kryuchenkov, a London-based analyst at VTB Capital, said in a report today. “Also, we shall need some clarity on the euro-zone bailout, so that we avoid growth stagnation and another panic equity selloff.” Copper for December delivery dropped 6.1 cents, or 1.8 percent, to $3.299 a pound by 8:10 a.m. on the Comex in New York. Prices are up 4.7 percent this month after plunging 25 percent in September. Copper for three-month delivery fell 2 percent to $7,300 a metric ton on the London Metal Exchange. “The pace of China’s return to the market will also depend on prices stalling near current lows, since domestic players usually move in on the lows following price pullbacks,” Kryuchenkov said. Stalling Growth Prices retreated as Chinese stocks fell for a second day after foreign direct investment rose at the slowest pace in three months, boosting speculation Europe’s debt crisis and tighter monetary policies are stalling global economic growth. “Copper will be more sensitive to any bearish development in Europe and China,” Shen Zhaoming, an analyst at Changjiang Futures Co., said by phone from Shanghai. “As economic growth slows, there will be lagging impact on copper demand.” Orders to draw copper from LME warehouses, or canceled warrants, dropped for a fourth session to 38,475 tons, the lowest level since Oct. 3, daily exchange figures showed. Copper stockpiles gained for a third day to 452,175 tons. Tin for three-month delivery gained 1.7 percent to $21,700 a ton on the LME. Top global exporter PT Timah said it will delay a plan to resume shipments until prices recover and as the company continues to negotiate with contractual buyers. LME tin stocks dropped to 17,875 tons, the lowest level since March 9. Aluminum, zinc, nickel and lead declined in London. To contact the reporter on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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