Copper demand weakens on lackluster consumption

HONG KONG - Jiangxi Copper Co, China's biggest producer of the metal, said demand growth would slow this year as the government cuts spending on the power industry by a quarter.

Prices of the metal may drop in the second half as some countries may start to end their stimulus policies, Chairman Li Yihuang said on Wednesday at a press conference in Hong Kong.

Chinese copper demand is "weak" now because of lackluster consumption from the power industry, Tongling Nonferrous Metals Group Co said on March 5. Stockpiles in the country reached the highest level since at least 2003 this month.