copper trends

from Bloomberg. Lots of mixed signals. Copper dropping steadily on the LME, lowest inventories in Asian warehouses in 4 years, but outlook is less rosy than before?

Copper Falls to Three-Month Low on China, Europe Outlook
By Joe Richter - Nov 15, 2013 3:14 AM ET

Copper futures fell to a three-month low as higher borrowing costs in China and a sluggish economy in Europe signaled that metal demand may ebb.
Lenders in China, the world’s biggest copper consumer, paid the highest rate of interest since June to borrow government funds today, reflecting tighter monetary conditions. Gross domestic product in the 17-nation euro area rose 0.1 percent in the third quarter, compared with a 0.3 percent gain in the second, government data showed.
“Investors may be a bit discouraged about prospects for growth rates increasing in China, and that’s keeping bulls from attacking the long side,” Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview. “Europe is adding another bearish element for copper.”
Copper futures for March delivery in March fell 0.2 percent to $3.165 a pound at 11:12 a.m. on the Comex in New York. Earlier, the price touched $3.1535, the lowest for a most-active contract since Aug. 7.
Trading was 36 percent higher than the average in the past 100 days for this time, data compiled by Bloomberg show.
On the London Metal Exchange, copper for delivery in three months dropped 0.2 percent to $6,963.50 a metric ton ($3.16 a pound). Through yesterday, the price declined 12 percent this year.
Inventories monitored by the LME extended a slump to the lowest since February. Copper available for delivery in Asian warehouses dropped to the lowest in more than four years.
Yesterday, the Comex price tumbled 2.2 percent, the most in 15 weeks, after output increased to a monthly record in China.
Today, aluminum, lead and nickel fell in London, while zinc and tin advanced.