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Copper Drops in N.Y. After U.S. Consumer Confidence Declines. By Millie Munshi

July 28 (Bloomberg) -- Copper fell the most in two weeks in New York after confidence among U.S. consumers declined more than forecast, renewing concern that the worst recession in five decades will reduce demand for metals.

The Conference Board’s index of consumer sentiment dropped to 46.6, a second consecutive decline, after a reading of 49.3 in June, a report from the group showed today. The median estimate of 67 projections in a Bloomberg News survey was for a decline to 49. Copper tumbled 54 percent last year as the global economic slump slashed demand.

“Copper prices are taking a dip on the consumer-confidence number,” said Matthew Zeman, a trader at LaSalle Futures Group in Chicago. “Metals are pretty vulnerable to a correction right now.”

Copper futures for September delivery fell 2.45 cents, or 1 percent, to $2.5205 a pound on the New York Mercantile Exchange’s Comex division. That marks the biggest drop for a most-active contract since July 10. The metal has surged 79 percent this year.

On the London Metal Exchange, copper for delivery in three months dropped 1.3 percent to $5,530 a metric ton ($2.51 a pound).

Also on the LME, aluminum prices dropped for the first time in 11 sessions, halting the longest advance since 2004.

Aluminum has jumped 17 percent since July 13 on speculation that automobile manufacturers will need more of the metal. Japan’s shipments of aluminum rolled products fell at the slowest pace in seven months in June as demand from can producers and automakers rose, the Japan Aluminium Association said today in a statement.

Among other metals, tin, lead, zinc and nickel fell.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=adw32jx3hMzQ

GLTA !!