Copper declined along with other industrial metals as the dollar rebounded and high prices deterred purchases by Chinese consumers amid rising domestic stockpiles.
The metal for three-month delivery on the London Metal Exchange lost as much as 1 percent to $8,315.75 a metric ton and traded at $8,350 at 12:53 p.m. in Singapore. Copper reached $8,490 a ton on Oct. 14, the highest level in 27 months.
“Metals trading will be driven by what happens to the dollar,” Xie Xiaoming, an analyst at Sheng Da Futures Co., said from Guangdong. “Rising domestic stockpiles are an indication that consumers are unwilling to buy at these high prices.”
The December-delivery contract on the Comex in New York fell as much as 1.4 percent to $3.787 a pound, before trading at $3.801 a pound. Copper for January delivery in Shanghai lost as much as 1.4 percent to 63,010 yuan （$9,476） a ton.
Copper stockpiles tallied by the Shanghai Futures Exchange gained for a second week to a six-week high of 103,510 tons last week, according to data provided by the bourse. That’s the highest level since the week ended Sept. 3.
The metal, used in construction and household appliances, has increased 8.2 percent in the past month as the dollar lost 5 percent against a basket of six major currencies. The U.S. currency rose for a second day against the euro before a German report tomorrow that may show investor confidence fell to a 21- month low in October.
Zinc in London fell 0.9 percent to $2,400.25 a ton, lead lost 1 percent to $2,402 a ton and nickel dropped 1 percent to $23,795 a ton. Aluminum decreased 0.3 percent to $2,370 a ton and tin declined 1.6 percent to $26,300 a ton.
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