Copper dropped by the most in a week, leading industrial metals lower, after a manufacturing gauge for China declined more than estimated, damping demand prospects in the world’s biggest user of metals.
Copper climbed to a one-week high, extending two weeks of gains, after a report showed China’s new credit increased to a record last month, boosting demand prospects for industrial metals from the top user.
Copper dropped for a 10th day, heading for the longest losing streak since at least April 1986, on signs of weakening demand after manufacturing slowed in China and the U.S., the world’s top metals consumers.
Industrial metals retreated as manufacturing data from China, the world’s biggest consumer, fell below economists’ expectations. Lead dropped for a second day as nickel declined from the highest level in three months.