Oct. 17 (Bloomberg) -- Copper fell from a three-week high after Germany said European Union leaders won’t provide a quick fix to the region’s debt crisis that global policy makers are pushing for at an Oct. 23 summit.
The search for an end to the crisis “surely extends well into next year,” Steffen Seibert, the chief spokesman for German Chancellor Angela Merkel, said today at a briefing in Berlin. U.S. and European stocks declined.
“This is one of those steps back,” Michael Smith, the president of T&K Futures and Options in Port St. Lucie, Florida, said in a telephone interview. “Germany is a bearish factor that’s killing the copper market today.”
Copper futures for December delivery dropped 0.9 percent to close at $3.378 a pound at 1:15 p.m. on the Comex in New York, after touching $3.4635, the highest for a most-active contract since Sept. 27.
Copper also slipped as manufacturing in the New York region contracted in October at a faster pace than forecast, reflecting a lack of confidence in the U.S. recovery that failed to be confirmed by measures of orders and sales.
On the London Metal Exchange, copper for three-month delivery fell 0.7 percent to $7,495 a metric ton ($3.40 a pound).
Aluminum, tin, zinc and lead also dropped in London. Nickel rose.
--Editors: Steve Stroth, Patrick McKiernan
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