London copper falls, traders cut risk as China growth slows

London copper fell on Tuesday as worries about China’s slowing economic growth and tighter capital markets in the world’s top metals consumer triggered a wave of risk-off selling in metals. London copper falls FUNDAMENTALS* London Metal Exchange copper fell by 0.6 percent to $5,580 a tonne by 0230 GMT, paring gains from the previous session. * LME zinc and lead also fell more than 1 percent, and were trading near their lowest for the year, having recently broken below the 200-day moving averages in both cases, sending a sell signal to chart-following funds. * Shanghai Futures Exchange copper traded flat at 45,220 yuan ($6,561) a tonne. Shfe zinc and Shanghai l ead fell 1.2 and 1.7 percent respectively. * China’s growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy. * China’s property resale market cooled a notch in April due to intensified government curbs, but chances are slim that prices would fall across the board as housing supply remains short, a top state think-tank said on Monday. * A private gauge of US home builder sentiment unexpectedly rose in May to its second strongest level since the housing bust nearly a decade ago, as the existing supply of homes remained tight. * Activist investor Elliott Management upped the pressure for strategic changes at BHP, on Tuesday, calling for an independent review of the mining giant’s petroleum business. * Orica Ltd, the world’s No. 1 explosives maker, beat forecasts on Tuesday with a 2.7 percent rise in its half-year underlying profit, helped by cost cuts and higher sales, and said demand from its mining customers was improving.REUTERS

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