Copper fell to its weakest in nearly two weeks on Wednesday, with London futures retreating for the sixth day in a row, as investors focused on increasing stockpiles and mounting debt around the world. LME copper, down 2.7 percent so far this week on course for its biggest weekly drop since September, has shed more than 4 percent since funds betting on a recovery in 2010 pushed it to 14-month highs last week.
Market players are looking to Chinese trade data due on Friday to help move the metal out of recent ranges. Chinese imports in November of unwrought copper and semi-finished copper products are expected to be flat, or drop slightly from the previous month, on strong LME prices and abundant domestic supplies, a Reuters poll showed.
Three-month copper on the London Metal Exchange fell $95 to $6,850 a tonne at 0701 GMT, after touching a low of $6,810, its weakest since November 27. Shanghai's benchmark third month copper dropped 380 yuan to 54,120 yuan ($7,928) a tonne, off a near two-week low of 53,530 yuan. Shanghai's most traded fourth month contract eased 490 yuan to 54,130 yuan.