Copper traded near a three-week low after a report showed flagging U.S. consumer confidence and amid concern that China’s growth is slowing, damping demand prospects from the world’s two biggest users.
The contract for delivery in three months on the London Metal Exchange was little changed at $7,066 a metric ton by 11:11 a.m. inTokyo. The metal touched $7,034 yesterday, the lowest since Feb. 6. Futures are down 4 percent this year.
The Conference Board’s U.S. consumer confidence measure fell more than analysts predicted in February, a report yesterday showed. In China, a weaker property market and falling currency fueled concern about the country’s slowing economic growth.
“A shrinking real-estate market in China signals slower demand,” said Will Yun, a commodities analyst at Hyundai Futures Co. in Seoul.
Copper for delivery in May on the Shanghai Futures Exchange rose 0.2 percent to 49,630 yuan ($8,101) a ton. The contract for May delivery on the Comex in New York was little changed at $3.2245 a pound.
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