Shanghai Copper Posts First Weekly Loss in Five on China Economy

Apr 18, 2014 3:43 am ET

April 18 (Bloomberg) -- Copper futures in Shanghai had the first weekly loss in five weeks on concern that demand is slowing in China, the world’s biggest user of metals.

The contract for July delivery on the Shanghai Futures Exchange retreated 0.4 percent to close at 46,360 yuan ($7,451) a metric ton and was down 0.8 percent this week. Aluminum and zinc also dropped in Shanghai.

Premier Li Keqiang said yesterday it is “not easy” for China to keep economic growth of about 7.5 percent, the official China National Radio reported. China’s expansion moderated to the weakest pace in six quarters and property construction plunged, testing leaders’ commitment to keep reining in credit as risks mount of a deeper slowdown.

“Metals fell as the economic outlook in China remains less optimistic with few signals of a big recovery,” said Fang Junfeng, an analyst at Shanghai CIFCO Futures Co.

The London Metal Exchange is closed today and April 21 for the Easter holidays.