Copper down in London

Copper fell in London on concern that the slowing US housing market will curb demand for the metal used in wires and pipes. Nickel and lead also declined.

Copper for delivery in three months on the London Metal Exchange fell $76, or 1 percent, to $7,719 a metric ton as of 10:22 am local time. Prices have dropped 3.8 percent this month, after a 7.5 percent increase in September.

US copper demand dropped 2.7 percent in the first six months, according to the Lisbon-based International Copper Study Group.

Metal stockpiles in warehouses monitored by the LME fell 150 tons, or 0.1 percent, to 151,375 tons. That's the first decline since October 1 and pares this month's gain to 16 percent.

Bloomberg News

(China Daily 10/25/2007 page16)