Copper Set for Longest Slump in 27 Years on Factory Data By Jae Hur Feb 4, 2014 2:39 AM ET - Copper dropped for a 10th day, heading for the longest losing streak since at least April 1986, on signs of weakening demand after manufacturing slowed in China and the U.S., the world’s top metals consumers. The metal for delivery in three months on the London Metal Exchange slid as much as 0.3 percent to $7,016 a metric ton, the lowest intraday level since Dec. 4, and was at $7,030.50 at 4:28 p.m. in Tokyo. Prices have lost 4.3 percent in this run of declines. “The market has been hurt by China for a couple of weeks now,” Bill O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said in a telephone interview. “And then you have the anemic U.S. number, and there’s also a big production surplus. From the standpoint of the supply-demand equation, it’s still leaning to the bearish side.” Copper in London has slumped 15 percent in the past 12 months, partly as economic growth eased in China. Global supply will exceed demand by 385,000 tons this year, after a 45,000 ton surplus in 2013, and prices will “grind lower,” Goldman Sachs Group Inc. said in a report Jan. 31. - Source - https://www.bloomberg.com/news/2014-02-04/copper-heads-for-longest-slump-in-27-years-on-factory-outlook.html