Bloomberg reported that copper slumped for a third day as China’s trade and industrial production in May trailed estimates and on prospects that the Federal Reserve will scale back stimulus. China and the US are the top consumers of metals. The metal for delivery in three months on the London Metal Exchange fell as much as 1.1% to USD 7,151.25 per tonne the lowest price since May 16 and was at USD 7,157.25 in Tokyo. Prices lost 1.1% last week. Futures for delivery in July on the Comex slid 1.1% to USD 3.2325 per pound. China’s industrial output rose a less than forecast 9.2% in May from a year earlier and factory gate prices fell for a 15th month while export gains were at a 10 month low and imports dropped. American employers took on 175,000 workers in May, beating the 163,000 median forecast in a Bloomberg survey. Mr Hwang Il Doo a senior trader at Korea Exchange Bank Futures Company said that “China’s data over the weekend stoked concern over demand in China, depressing the metals markets. Better than expected US jobs data fueled debate over whether the Fed will reduce bond purchases. The customs agency said that unwrought copper and copper products imports by China were 358.672 tonnes in May. That compared with 295,799 tonnes in April and 419,741 tonnes a year ago. The Shanghai Futures Exchange is closed through June 12th 2013 for the Dragon Boat Festival holiday.

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