Base metals down on China concerns

Signs of oversupply in the world’s top metals-consuming nation give market pause; copper falls to a six-week low.

May 17 2007: 9:29 AM EDT

LONDON (Reuters) — Industrial metals prices fell Thursday, with copper dropping to a six-week low and dragging down the whole market on signs of oversupply in China, the world’s top consumer of metals.

Copper for three months delivery (MCU3) on the London Metal Exchange touched $7,260 a ton, its lowest since April 4, before bouncing back to $7,380 in the official session, still down 3 percent, or $230, from Wednesday. …

So here is the cause for the gold …

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