Copper futures prices fell sharply Tuesday on the Commodity Exchange in New York.
Prices were under pressure from a lack of demand, which was underscored by a report from the London Metals Exchange that warehouse stocks increased by 14,795 metric tons last week, said Bette Raptopoulous, a metals analyst in New York with Prudential-Bache Securities.
In addition, Raptopoulous said, pressure came from a Commerce Department report that said sales of new homes fell 0.1% in June from the previous month. A slightly higher figure was expected, she said.
The weaker value of the British pound in trading against the U.S. dollar also discouraged buyers in the copper pit, analysts said.