Copper headed for its largest weekly decline in three months in London on speculation that demand growth will slow in China, the world’s biggest user. Nickel and zinc rose.
China’s copper imports probably slowed in April, said analysts including Kevin Norrish at Barclays Capital.
“The Chinese market is suffering temporary indigestion after the amount of material delivered into Shanghai in the first quarter,” Norrish said today by phone from London. “Some people expected them to buy this week when they returned to the market after the holiday, but that hasn’t happened.”