June 12 (Bloomberg) -- Copper fell for the first time in a week in London and aluminum also dropped as the dollar advanced and investors sold commodities after recent gains. The S&P GSCI Index of 24 raw materials dropped 0.7 percent as of 9:41 a.m. in London, led by declines in silver, gold and energy. Even with today’s decline, copper has jumped 6 percent this week on record imports in China, the world’s largest buyer, and aluminum reached a six-month high two days ago. Metal prices “are following the general direction of commodities and the dollar is stronger,” said London-based RBC Capital Markets trader Randy North. “I don’t think it’s anything to be alarmed about yet.” Copper for delivery in three months dropped $96, or 1.8 percent, to $5,280 a metric ton on the London Metal Exchange and aluminum fell $16, or 0.9 percent, to $1,678 a ton. The July copper futures contract on the Comex division of the New York Mercantile Exchange declined 1.6 percent to $2.407 a pound ($5,307 a ton). The dollar rose 0.3 percent against the euro. Copper’s 14-day relative strength index yesterday climbed to 72.8, the highest since April 17 and aluminum’s 14-day RSI was 74, the most since March 2008. Readings above 70 typically warn a price may drop and those below 30 indicate it may rise. “The RSI is something to look at. I just don’t think it’s a bearish signal yet,” said Dhiren Sarin, a technical analyst at Barclays Capital in London. “This dip is a buying opportunity.” China’s purchases of copper and copper-products rose to a record 422,666 tons last month, the customs office said yesterday. Sixteen of 24 analysts, investors and traders surveyed by Bloomberg News predicted that copper would decline next week. Among other LME metals for three-month delivery, zinc fell 1.7 percent to $1,690 a ton, nickel dropped 1.3 percent to $15,600 a ton and tin declined 1 percent to $15,600 a ton. Lead decreased 1.4 percent to $1,795 a ton.

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