Markets

Growth curbs push down copper prices

(China Daily)
Updated: 2010-06-02 09:41

LONDON - Copper fell for a second day in London on concern about the outlook for demand in China, the world's biggest consumer, after manufacturing expanded at a slower pace and property transactions dropped.

Related readings:  China's copper demand may expand 12%, Wanxiang says  Copper prices climb on US, China expansion

The Purchasing Managers' Index fell to 53.9, missing the median estimate in a Bloomberg News survey of economists. Real-estate sales in Beijing, Shanghai and Shenzhen slid as much as 70 percent in May as developers delayed sales after government tightening measures. Concern about potential growth curbs in China helped to pull copper down for a second month in May.

Investors are concerned that China may try to "restrain growth and curb lending", Andrey Kryuchenkov, an analyst at VTB Capital, said.

Bloomberg News