Industrial output expanded 9 percent in July, Chinese government figures showed today. Analysts in a Bloomberg survey expected a 9.2 percent gain, matching the increase in June. The country’s broadest measure of credit slumped to the lowest since the global financial crisis in 2008. Japan’s economy contracted the most since the 2011 earthquake. A gauge of metals fell as much as 1 percent to a one-week low.
“A barrage of potentially negative influences” drove prices lower, Michael Turek, a senior director at Newedge USA LLC in New York, said in an e-mail.
Copper futures for September delivery declined 1.1 percent to $3.1185 a pound at 10:35 a.m. on the Comex in New York. Earlier, the price touched $3.118, the lowest for a most-active contract since June 23. Trading was 38 percent above the 100-day average for this time, according to data compiled by Bloomberg.
On the London Metal Exchange, copper for delivery in three months fell 1 percent to $6,892 a metric ton ($3.13 a pound). Lead, nickel and tin dropped.
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