Shanghai copper drops

The most-traded January copper contract on the Shanghai Futures Exchange was down around 0.3 percent at 46,760 yuan ($7,650) on Wednesday and it remained under further pressure from a stronger US dollar and more signs of slowing economic growth in Europe and China. Copper was finding only limited support from comments by Peru's deputy mines minister that output in the world's No 3 copper producer would be less than previously touted, suggesting an international supply glut may fall short of expectations.
"It's helped, but in the big picture we don't see it as a major factor in eliminating oversupply," a metals trader in Sydney said. Service-sector growth in China weakened in October as new business cooled, a private survey showed on Wednesday, just days after other data revealed sluggish factory growth in the world's second-largest economy.