Copper may fall in London for a fifth day in six on concern about the strength of the U.S. economy before a report expected to show slower growth in orders for long-lasting goods. Durable-goods orders probably rose 0.3 percent in June, slowing from a revised 2.1 percent in May, economists surveyed by Bloomberg said. The figures are due at 1:30 p.m. London time. “Today’s focus in terms of economic data is on U.S. durable-goods orders,” Credit Suisse Group AG analysts including Stefan Graber in Zurich said in a report today. Copper for three-month delivery slipped $31, or 0.3 percent, to $9,789 a metric ton by 10:16 a.m. on the London Metal Exchange. Copper for September delivery dropped 0.5 percent to $4.4555 a pound on the Comex in New York. “We’ve seen profit-taking this morning,” said Nick Riley, head of LME sales at Marex Financial Ltd., one of 12 companies on the exchange floor. Declines may be limited as a strike continues at the world’s biggest copper mine, BHP Billiton Ltd.’s Escondida in Chile. The company is refusing to negotiate with workers. Copper is “benefiting from the strike at Escondida and on concerns that this might spark further labor unrest,” William Adams, head of research at FastMarkets.com, said in a report. Still, “the broader economic and financial situations suggest that demand may get weaker before it gets stronger again.” Debt-Ceiling Standoff Republican lawmakers in the U.S. are in a standoff with President Barack Obama over raising the government’s debt ceiling, with less than a week remaining until a potential default. “The assumption is that a deal will be reached,” said Leon Westgate, an analyst at Standard Bank Plc in London. Zinc for three-month delivery on the LME fell 0.6 percent to $2,516 a ton after rising as high as $2,539.50, the highest price since April 11. Aluminum gained 0.3 percent to $2,658 a ton and nickel rose 0.2 percent to $24,157 a ton. Lead advanced 0.3 percent to $2,727.25 a ton and tin gained 0.3 percent to $28,700 a ton. 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

Source