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BASIC METALS-Copper heads for weekly loss, retreating from record highs

LONDON (Reuters) – Copper prices fell on Friday and marked their first weekly decline since early April on Friday, as mounting inflation fears and a drop in demand from China brought prices down.

* At 1624 GMT, three-month copper on the London Metal Exchange (LME) was down 0.9% at $ 10,245.50 a tonne after climbing to a record $ 10,747.50 on Monday. In the week, it adds losses of 1.5%.

* Many analysts expect that the values ​​of the metal, used in construction and energy, will rise more before the recovery of the world economy and the greater use of electrical energy instead of fossil fuels.

* “Supply is relatively tight and demand continues to expand … I think it will start to rise again, said Nitesh Shah, an analyst at WisdomTree. He added that Chinese demand for copper was likely to remain strong as long as possible. that local governments invest money in infrastructure.

* Fears that central banks will act to contain rising inflation hit stocks and commodities this week, while boosting the dollar and government debt returns.

* By Friday, however, stocks were up and the dollar and yields were down after Federal Reserve officials said there would be no imminent tightening of monetary policy.

* New bank loans in China fell more than expected in April and money supply growth slowed to a 21-month low, pointing to slower growth in the world’s largest consumer of metals.

* Beijing has also said that it will watch for and effectively face a rapid rise in raw material prices, without specifying how. Warnings of a crackdown on misbehavior in the steel market have hit Chinese steel prices.

(Reporting by Peter Hobson, additional reporting by Mai Nguyen. Edited in Spanish by Janisse Huambachano)

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