Copper slips

Reuters

Melbourne

London copper was set for a third weekly fall on Friday on worries about cooling demand, while aluminium was on track for its biggest weekly drop since at least early September after record China production fuelled concerns of oversupply.

Copper has been trading close to its lowest in a month this week amid percolating concerns that steps by China to douse its hot housing market, a key consumer of copper in white goods and power supply, could dampen metals demand. "The risk of overheating on the real estate market following sharp price rises - particularly in the country´s major cities - has increased significantly again," Commerzbank said in a report.

"More and more cities are therefore attempting to reduce this risk, which could result in lower demand for metals.

"Average new home prices in China´s 70 major cities rose 11.2 percent in September from a year earlier, accelerating from a 9.2 percent increase in August, an official survey showed on Friday.