Copper declines for third day on concerns over China’s economy

Copper soared to a record last week as easing trade tensions between the US and China added a boost on top of a wave of supply disruptions

Copper slipped further from an all-time high, with metals posting a mixed start to the week amid concerns about the health of the world’s second-biggest economy.

A private survey of manufacturing activity in China fell to 50.6 in October, compared with 51.2 in September, a bigger decline than forecast. The country’s official factory gauge published last week marked its longest run of declines in more than nine years.

Copper soared to a record last week as easing trade tensions between the US and China added a boost on top of a wave of supply disruptions. But prices have pulled back since the trade truce was formally announced.

“The market didn’t seem impressed with the US-China trade deal,” ANZ Group Holdings Ltd. said in an emailed note. “Nevertheless, recent mine supply disruptions should remain supportive in the short term.”

Copper on the London Metal Exchange fell 0.3% by 11:58 a.m. Shanghai time to $10,854 a ton, while aluminum and zinc traded higher.