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 Posted - 01/16/2008 : 17:25:37
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UPDATE 6-Copper slides as confidence crumbles
By Pratima Desai
LONDON, Jan 16 (Reuters) - Copper prices slid to one-week lows on Wednesday as investor confidence crumbled in the face of a deteriorating outlook for global economic growth and demand for the metal used in power and construction.
Copper MCU3 for three-month delivery on the London Metal Exchange was last indicated at $6,990/7,000 a tonne, down 2.4 percent compared with Tuesday's close at $7,160. Earlier on Monday, it dipped to $6,950, the lowest since Jan. 8.
Analysts said the 9 percent gain in prices between Jan. 2 and Monday had been triggered by investment money, which is taking a more sombre assessment of demand prospects.
"The tide has certainly turned from last week," said Daniel Hynes, analyst at Merrill Lynch. "The focus is back on the macroeconomic environment ... People are worried about the effect of the U.S. slowdown on the rest of the world."
In London, mining firms Antofagasta (ANTO.L: Quote, Profile, Research), Rio Tinto (RIO.L: Quote, Profile, Research) and Kazakhmys (KAZ.L: Quote, Profile, Research) were among the 10 largest losers on the FTSE 100 index .FTSE down over 5.8 percent.
BHP Billiton's (BLT.L: Quote, Profile, Research) takeover target, Rio Tinto (RIO.L: Quote, Profile, Research), reported fourth-quarter refined copper production up 65 percent, but the shares slid and the UK mining index fell 5.71 percent on demand fears.
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Copper slides as confidence crumbles
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