Market and product

Copper declined for the first timein four days on concern that the Federal Reserve may startreducing stimulus in coming months amid improving U.S. economicdata, reducing the demand outlook for the metal.

The contract for delivery in three months on the LondonMetal Exchange fell as much as 0.6 percent to $7,051.25 a metricton and traded at $7,061.50 by 4:19 p.m. in Tokyo. The metaltouched $7,133.75 earlier, the highest level since Nov. 12.

U.S. job openings climbed to a five-year high in September,according to data Nov. 22, with a report today projected to showpending home sales rebounded last month. Minutes of the Fed’sOctober meeting released Nov. 20 showed officials may reducetheir $85 billion a month of bond buying if the economy improvesas anticipated.

“Signs of an improving U.S. economy will encourage the Fedto cut stimulus sooner,” said Kaname Gokon, deputy manager ofresearch at Okato Shoji Co. in Tokyo.

Further losses in copper prices would be limited asstockpiles declined in Shanghai and London, while geopoliticalrisks also eased following Iran’s accord with world powers tolimit its nuclear program, he said.

Iran agreed yesterday to curtail its nuclear activities inreturn for easing of some sanctions on oil, auto parts, gold andprecious metals. Copper stockpiles monitored by the ShanghaiFutures Exchange fell 11 percent last week, the most sinceDecember 2011, data showed. Stockpiles monitored by the LMEdropped to the lowest since February.

Copper for delivery in February on the Shanghai FuturesExchange closed little changed at 50,500 yuan ($8,288) a ton.The contract for delivery in March slid 0.4 percent to $3.207 apound on the Comex in New York.

On the LME, aluminum, zinc, nickel, tin and lead alsodeclined.