July 7 (Bloomberg) -- Copper prices fell for the third straight session in New York on concern that demand will slide in China, the world’s biggest metal user.
Copper imports by China may plunge 64 percent in the second half after record shipments this year led to excess inventories, UBS AG said yesterday. Copper futures have dropped 4.5 percent since July 1.
“There is more and more evidence that China has stockpiled a bit, and they have plenty of supply,” said Joel Crane, an analyst at Deutsche Bank AG in New York. “Supply tightness will ease” as China’s pace of imports slows, he said.
Copper futures for September delivery dropped 3.7 cents, or 1.6 percent, to $2.2255 a pound on the Comex division of the New York Mercantile Exchange.
On the LME, aluminum was little changed at $1,618 a ton. Zinc rose 0.3 percent to $1,569, and nickel was down 1.9 percent to $15,650. Lead lost 1.4 percent to $1,660. Tin slipped 0.9 percent to $14,150.
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