Copper Near Lowest in 3 Months on China Demand Concerns

10:41 AM @ Wednesday - 24 September, 2014
Aluminum climbed for the first time in six days as stockpiles declined to the lowest in 33 months and United Co. Rusal Plc, the biggest producer, forecast that demand will exceed supply next year.

The metal in London rose as much as 0.3 percent. Global supply may lag behind demand by as much as 1.3 million tons next year, compared with 1.5 million tons by the end of this year, Vladislav Soloviev, first deputy chief executive officer, said yesterday. Stockpiles tracked by the London Metal Exchange have fallen 15 percent this year to the lowest since December 2011.

“Forecasts of a shortage this year and next year provided support to aluminum that appeared to be a bit oversold,” said Kazuhiko Saito, an analyst at Fujitomi Co., a commodities broker in Tokyo.

Aluminum for delivery in three months on the LME traded at $1,969.25 a metric ton by 12:04 p.m. in Tokyo. The metal touched $1,952 on Sept. 22, the lowest since July 15.

Copper in London was little changed at $6,725.25 a ton. The metal is down 8.6 percent this year, the most among the six main metals on the LME. In New York, the contract for December delivery rose 0.2 percent to $3.0405 a pound. The metal for delivery in November fell 0.3 percent to 48,000 yuan ($7,821) a ton on the Shanghai Futures Exchange.

On the LME, zinc also gained, while nickel dropped. Tin and lead were little changed.
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