Mexico’s peso fell as China reported that imports of copper dropped for a third month, fueling speculation the global economic recovery may be slowing down.

The currency lost 0.5 percent to 12.8349 per dollar at 5 p.m. New York time, from 12.7693 on July 9.

The Chinese data “is an indication that the industrial sector may be cooling down,” said Italo Lombardi, an economist at BNP Paribas SA in New York. “Mexico’s economy is extremely correlated with how the industrial sector in the U.S. performs.”

Copper prices fell for the first time in six sessions after a report showed imports fell in China, the world’s biggest metals buyer. Shipments of copper and products into China declined 17 percent from a month earlier to 328,231 metric tons in June, the customs bureau said July 10. Copper prices have declined 10 percent this year on concern demand would slow.

The yield on the 10 percent benchmark bond due in 2024 rose two basis points, or 0.02 percentage point, to 7.1 percent, according to Banco Santander SA. The price of the security fell 0.16 centavo to 126.09 centavos on the peso.

“Fundamentals appear robust enough, along with valuation, to support gradual MXN strengthening during the second half of the year,” Sergio Luna, an economist at Citigroup Inc.’s Banamex unit in Mexico City, wrote in a note to clients today.

The peso may finish the year at 12.22 pesos per U.S. dollar, according to a Bloomberg survey of 20 analysts.

Industrial production in Mexico rose 8.4 percent from a year earlier, the national statistics agency said today. Economists had forecast an increase of 7.2 percent, according to the median estimate of 11 analysts in a Bloomberg survey.

Auto output more than double in June to 206,195 vehicles, the nation’s Automobile Industry Association said today.