Copper in New York set for largest weekly fall in 16 months

Copper traded in New York dropped on Thursday heading for the largest weekly drop in a 16-month period amid speculations that demand in the world's largest consumers of the metal, U.S. and China will be reduced by rising inventories of the metal. July Copper futures fell by 1.6% to $3,167 a pound on the New York's Comex set for the weekly drop of 5.5%.