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

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.”