Copper may fall in New York on concern demand is set to worsen as Europe’s sovereign-debt crisis persists. European leaders will hold a second summit in four days tomorrow as they seek to agree on bolstering the region’s rescue fund, recapitalizing banks and providing debt relief to Greece. Europe’s banks clashed with politicians on the size of losses they will accept on Greek bonds, lowering the likelihood of an accord at the meeting. “There is no magic bullet to rid Europe of its debt,” William Adams, an analyst at Basemetals.com, said in a report today. “Policy makers’ action may well help keep a bad situation under control and lay out the framework to gradually fix it, but that is unlikely to lead to any return to strong growth any time soon.” Copper for December delivery slipped 0.2 percent to $3.4435 a pound by 7:41 a.m. on the Comex in New York. Copper for three- month delivery fell 0.3 percent to $7,610 a metric ton on the London Metal Exchange. “The situation in Europe remains front and center,” RBC Capital Markets LLC said in a report. Comex prices earlier gained as much as 2.6 percent to $3.539 a pound, the highest level since Sept. 22, on indications copper demand remains steady in Asia, where top global consumer China is located. Canceled warrants, or orders to remove copper from LME warehouses, jumped 11 percent to 64,875 tons, the highest level since May 2009, on a gain in Asia. Canceled warrants in LME warehouses in Asia, the closest location to China, have more than doubled in October. LME copper inventories slid 1.2 percent to 439,150 tons, the lowest level since April 4, for a 7.3 percent decline this month. Zinc, nickel, tin and lead dropped in London. Aluminum was unchanged. 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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