Copper, aluminum and zinc fell as metals extended their decline after Chinese manufacturing expanded at a slower pace in May, adding to signs that growth may moderate in the world’s biggest metals consumer.
Copper for three-month delivery fell 2.1 percent to $6,796 a metric ton, aluminum lost 1.1 percent to $2,020 a ton and zinc shed 1.3 percent to $1,910 a ton. The market was shut yesterday.
The Purchasing Managers’ Index fell to 53.9 from 55.7 in April, seasonally adjusted, the Federation of Logistics and Purchasing said in an e-mailed statement today. That was less than the median 54.5 estimate in a Bloomberg News survey of 18 economists. Readings above 50 indicate an expansion.
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