Copper falls as Peru strike worry wanes

LONDON — Copper prices slipped on Friday as worries about supply disruptions in Peru receded and as the market fretted about a slowing of demand in China, the world's largest consumer. Copper for three-month delivery ended the day at $8,470 (U.S.) per tonne, down $185 from Thursday. The metal used in power and construction hit a record high of $8,940 a tonne in after-hours trading on Wednesday on concerns about supply disruptions because of a strike in Peru. Analysts say record high prices could discourage buying by users in China, which consumes about 25 per cent of global output. “During the first half of the year physical buying has been pretty weak and that's largely a result of aggressive destocking by consumers,” said Gayle Berry, metals analyst at Barclays Capital. “When the summer ends a lot of these consumers are... [read full story]