Copper dropped from Shanghai to New York and declined from a record in London as some investors sold the metal to lock-in gains following its climb to an all-time high. Zinc, lead and nickel also dropped. Copper for three-month delivery on the London Metal Exchange fell as much as 1.1 percent to $8,785 a metric ton and traded at $8,806 a ton by 9:38 a.m. Singapore time. The contract advanced for a sixth day yesterday, the longest rally since July, reaching a record $9,044 a ton. The metal used in construction and automobiles has gained 19 percent this year, rallying on prospects that the U.S. will take further steps to boost its economy, including extending tax cuts and increasing asset purchases. “The market needs to consolidate the big gains made in the past few days but the uptrend remains intact,” Lin Yi, a deputy manager at Zhongda Futures Co., said from Zhejiang. “The conditions are in place for further new highs.” The metal for March-delivery on the Shanghai Futures Exchange lost as much as 1.5 percent to 65,820 yuan ($9,887) a ton, before trading at 66,060 yuan. Futures on the Comex in New York dropped as much as 1.1 percent to $4.0045 a pound, after climbing to a 31-month high of $4.1315 yesterday. The dollar’s rebound also weighed on prices today, Lin said. The greenback rose for a third day against a six currency basket including the euro and yen after President Barack Obama agreed to extend tax cuts for two years. Aluminum in London fell 1.1 percent to $2,280 a ton, zinc dropped 2.9 percent to $2,237.75 a ton, and lead decreased 1.8 percent to $2,358 a ton. Nickel shed 1.6 percent to $23,700 a ton, and tin declined 0.2 percent to $25,150 a ton. To contact the reporter on this story: Glenys Sim in Singapore at Gsim4@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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