Before today, the metal had fallen 13 percent since reaching an 11-month high of $3.807 a pound on May 4. Economists including Alan Greenspan have said they follow the copper price as a measure of future growth. The metal, used in buildings, appliances and cars, had almost quadrupled in the past four years during a global expansion.
Gains in copper stockpiles are a sign of falling demand, Smith of T&K Futures said. Inventories monitored by the London Metal Exchange were unchanged at 137,775 metric tons today. They have surged 32 percent in the past four weeks.
On the LME, copper for delivery in three months dropped $110, or 1.5 percent, to $7,190 a metric ton ($3.26 a pound). The metal rose to a record $8,800 a ton in May 2006.
Established in 1995,
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