Copper stumbled to three-week lows on Thursday as inflation worries and the demand-stifling effect of prices near record highs kept sentiment in check.
Three-month copper on the London Metal Exchange traded at $9,745 a tonne by 1042 GMT from $9,843 a tonne at Wednesday's close. It fell to $9,705, its lowest since January 31. Other metals all fell, with tin the biggest loser.
Copper, used in power and construction, had touched a record high $10,190 on Tuesday.
"We have seen record highs … but you can clearly see that demand is cooling down a little on the current high prices. This is not just limited to copper but also for the others base metals as well," Commerzbank analyst Daniel Briesemann said.
He also cited profit-taking for falling prices.
Metals-focused hedge fund Red Kite said the record highs in copper were unsustainable and prices needed to fall 20 percent or so to attract top buyer China back into the market in a big way.
"The price needs to come down to around $7,500 to $8,000 a tonne," said Scott Hobart, portfolio manager at HFZ Capital Management Ltd in Hong Kong, a unit of New York-based Red Kite.
Inflation pressures in China, consumer of 40 percent of the world's copper, and elsewhere, have sparked anxiety amongst investors. Food inflation is a particular problem for China, and higher prices for basic staples could eat into the disposable income of millions of would-be consumers. Continue。（source from：REUTERS)
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