Copper futures in New York fell the most in two weeks on concern that a slowing global economy will limit demand for metal used in homes, cars and appliances. U.S. manufacturing contracted in June by the most in a year, and second-quarter growth slowed in China, according to separate reports this week. China and the U.S. are the world’s top metals users. Copper prices have slumped 12 percent this year. “The fears of a double-dip recession are still out there,” said Matthew Zeman, a trader at LaSalle Futures Group in Chicago. “We’re not going to see a whole lot of upside from copper in the near term.” Copper futures for September delivery fell 8.25 cents, or 2.7 percent, to $2.9295 a pound on the Comex in New York. That marked the biggest drop for a most-active contract since June 29 and put this week’s decline at 4.1 percent. A Labor Department report today showed the cost of living in the U.S. fell in June for a third straight month. The consumer-price index slipped 0.1 percent, dragged down by plunging energy costs. “People are still worried about deflation and what that will mean for the commodities,” Zeman said. Confidence Tumbles Confidence among U.S. consumers tumbled in July to the lowest level in a year, according to the Thomson Reuters/University of Michigan index of sentiment. Consumer spending accounts for 70 percent of the U.S. economy. “The slow recovery in demand outside China, coupled with growing concerns over the global economic recovery, will keep a check on copper prices,” First Global analysts, led by London- based Chief Investment Strategist Devina Mehra, said today in a report. On the London Metal Exchange, copper for delivery in three months lost $195, or 2.9 percent, to $6,485 a metric ton ($2.94 a pound). Aluminum, zinc, nickel, lead and tin prices also fell. To contact the reporters on the story: Millie Munshi in New York at mmunshi@bloomberg.net;

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