Bloomberg reported that copper fell the most in almost 3 weeks after a report showed confidence among US consumers slid to the lowest level since April, a sign that the recovery in the world’s largest economy may be slow. The business backed group said that the Conference Board’s gauge of consumer sentiment declined to 46 in February. That’s beneath the lowest forecast in a Bloomberg News survey of 68 economists. Copper dropped 8.8% last month on concern that a slowing economic rebound will curb demand for the metal used in pipes and wires. Mr Michael K Smith president of T&K Futures & Options in Port St Lucie of Florida said that “This bad consumer confidence report is a great excuse for people to take their money off the table and wait to see how things shake out. It’s definitely causing concern.” Copper futures for May delivery sank 8.2 cents or 2.5% to USD 3.2465 per pound at 11:01 AM on the New York Mercantile Exchange’s Comex unit. A close at that price would be the biggest loss for a most active contract since February 4th 2010.

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