Copper fell for a second day in New York and London before a report that may show cooling house prices in the U.S., the world’s second-largest user of the metal.
Property values in 20 cities increased 3.1 percent in July from a year earlier, below the 4.2 percent gain in the 12 months to June, according to the median forecast of 28 economists surveyed by Bloomberg News. Separate figures may show consumer confidence in the U.S. weakened.
“Good U.S. consumer-confidence and house-price data are crucial for metals and other risk assets to avoid further losses today,” said David Thurtell, a Citigroup Inc. analyst in London.
Copper for delivery in December dropped 1.8 cents, or 0.5 percent, to $3.579 a pound at 8 a.m. on the Comex in New York. Copper for delivery in three months slid 0.6 percent to $7,861 a metric ton at on the London Metal Exchange. All of the six main metals traded on the LME retreated except tin.
The S&P/Case-Shiller home-price figures are scheduled for release at 9 a.m. in Washington. Construction accounts for a quarter of copper demand, according to the Copper Development Association.
A report from the Conference Board due an hour later may show its index of consumer confidence slipped to 52.1 from an August reading of 53.5, according to analysts surveyed by Bloomberg.
LME copper stockpiles fell for a second day to 375,275 tons, the lowest level since Nov. 4, daily exchange figures showed. Inventories posted a 31st weekly drop in a row last week and have slid 25 percent this year, on course for the first annual contraction since 2004.
Nickel slid 1 percent to $22,850 a ton. Cash metal’s backwardation compared with the three-month price yesterday swelled to $27 a ton, the widest level since Sept. 1, 2009, according to LME data. Immediate-delivery nickel was at a discount of $8 as recently as Sept. 22.
Aluminum fell 1.1 percent to $2,269 a ton, lead dropped 0.8 percent to $2,251 a ton and zinc declined 1.7 percent to $2,170 a ton.
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