Copper fell for the first time in three days, leading industrial metals lower, after home prices weakened in the biggest user China and as the dollar climbed after the Federal Reserve raised interest-rate estimates.
Copper dropped as much as 0.9 percent on the London Metal Exchange after closing at the highest price since Sept. 8 yesterday. China’s new-home prices dropped in 68 of the state-tracked 70 cities in August from July, the National Bureau of Statistics said today, the most since January 2011 when the government changed the way it compiles the data. The property market accounts for 50 percent of the nation’s copper demand, Goldman Sachs Group Inc. estimates.
“The weakness in China’s property market would reduce demand for metals,” said Kazuhiko Saito, an analyst at Fujitomi Co., a commodities broker in Tokyo.
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