Copper fell for a second day in London as lower imports of the metal into China, the world’s biggest consumer, fueled concern demand is slowing amid prospects for a larger market surplus. Shipments of refined copper into China in March dropped 37 percent from a year earlier, customs figures showed today. Supply of the metal will exceed demand by 341,000 metric tons this year, more than last year’s 238,000 tons, and the market will be in surplus through 2017, said Citigroup Inc. Goldman Sachs Group Inc. lowered forecasts for copper prices. “Last month China exercised considerable restraint in terms of imports,� Daniel Briesemann, an analyst at Commerzbank AG in London, said by e-mail today. “Base metals are continuing their downswing.� Copper for delivery in three months declined 1.1 percent to $6,915 a ton by 10 a.m. on the London Metal Exchange. Prices retreated last week for a fifth week, entering a bear market. Copper for delivery in July fell 0.9 percent to $3.136 a pound on the Comex in New York. Money managers reduced their net-short position, or wagers on falling Comex copper prices, to 27,412 futures and options contracts as of April 16 from 32,850 lots a week earlier, U.S. Commodity Futures Trading Commission figures showed. Goldman Sachs cut its three-month forecast for copper prices to $7,500 a ton from $8,000 and lowered the six-month estimate to $8,000 a ton from $9,000. Market risk is now “skewed� toward a very small surplus, rather than a balance, the bank said. Copper stockpiles monitored by the LME, up 92 percent this year, fell 0.2 percent to 613,075 tons, daily exchange figures showed. Orders to remove the metal from warehouses jumped 2.8 percent to 157,725 tons, on orders in South Korea’s Busan and St. Louis. Aluminum, tin and zinc fell in London. Nickel and lead rose. To contact the reporter on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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