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Copper May Decline on Outlook for World Economy, Survey Shows

By Anna Stablum

July 10 (Bloomberg) -- Copper may decline on speculation that demand won’t rebound any time soon, a survey showed.

Fourteen of 18 analysts, investors and traders surveyed by Bloomberg, or 78 percent, said copper would fall next week. The remainder expected prices to rise. Copper for delivery in three months on the London Metal Exchange had slid 1.9 percent this week to $4,885.50 a metric ton as of 5:15 p.m. local time yesterday.

The Group of Eight leaders said this week that the economic recovery was too fragile for them to consider reversing efforts to pump money into the economy. The MSCI World Index of equities and the LME index of six industrial metals headed for a fourth consecutive weekly drop.

The weekly copper survey has forecast prices accurately in 23 of the past 45 weeks.

This week’s survey results: Bullish: 4, Bearish: 14

To contact the reporter on this story: Anna Stablum in London at [e-mail].

Last Updated: July 9, 2009 19:01 EDT