Copper fell the most in three weeks in New York after manufacturing shrank for the first time in seven months in China, the world’s biggest user of the metal.
Gold fell after Dutch Finance Minister Jeroen Dijsselbloem discussed details for the European banking union project, adding to signs that the leaders will act to contain the region’s fiscal crisis and eroding demand for haven assets.
Nickel and tin prices in London joined copper in a bear market as concern escalated that the economy is slowing in China, the world’s top user of industrial metal.
Copper slumped to an 18-month low in New York after manufacturing was weaker than estimated in China, the world’s biggest metals consumer.
Coffee declined in New York as increased production from Brazil, the world’s largest grower, may add to a global glut. Cocoa climbed for a fifth day.
Zinc may rise to the highest since September 2011 if prices are able to break out of a so-called double-top formation, according to technical analysis by INTL FCStone Inc.
Copper fell the most in four sessions in New York, on speculation that metals demand will slow as China’s government will take steps to tame inflation and global growth weakens.
Copper rose the most in more than two weeks as miners prepared to strike in Chile, the world’s biggest producer.
The main coffee region in Vietnam, the biggest producer of the robusta variety used by Nestle SA in instant drinks, may get rain in the first 10 days of April, potentially easing a drought.
Copper climbed for the first time in six sessions in New York as trade data for all goods signaled an economic rebound in China, the world’s biggest metals consumer. Aluminum gained for a fourth day.
"Reduced demand prospects for metals, coupled with abundant capacity and a government not inclined to' prime the pump,' means that China will not be coming to the rescue of the metal markets."
- Edward Meir on May 23, 2013