Copper prices in New York fell for the first day in three on concern that demand isnt strong enough to support a rally to a record in China on Monday. Prices climbed to a 16-year high in New York on March 8, partly on speculation that demand in China, the US and Europe would increase. Some metals processors in China, the worlds biggest metals consumer, have closed because of high costs, said Wang Zheng at Dalu Futures Company in Shanghai.
I dont see where the fresh buyers are, said Steven Savitsky, a copper trader at Hanemann Trading Company in New York. Copper is still a rich price, he said. Copper futures for May delivery fell 0.25 cent to $1.451 a pound at 8:50 am on the Comex division of the New York Mercantile Exchange. The 16-year high was $1.521. A futures contract is an obligation to buy or sell a commodity at a set price by a specific date.