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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 08/31/2010 : 18:48:29
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By Anna Stablum and Yi Tian - Aug 31, 2010 3:37 PM ET
Business Copper prices fell the most in three weeks after a gauge of U.S. business dropped to the lowest level since November.
The Institute for Supply Management-Chicago Inc. said today its barometer dropped to 56.7 this month from 62.3 in July. Figures greater than 50 signal expansion. The U.S. is the world’s second-biggest copper consumer. The metal has dropped 6 percent since April 1 on concern that slowing economic growth would slash demand.
“Economic uncertainty is creeping back in on expectation of bearish U.S. data this week,” said Andrey Kryuchenkov, an analyst at VTB Capital in London.
Copper futures for December delivery fell 5.95 cents, or 1.7 percent, to close at $3.37 a pound at 1:23 p.m. on the Comex in New York, the biggest drop for the contract since Aug. 11.
Yesterday, copper reached $3.46, the highest level for a most-active contract since April 27. The metal gained 1.8 percent in August and is up 19 percent in the past 12 months.
“Lingering concern about the sub-par pace of U.S. growth is capping any prolonged advance,” Edward Meir, an analyst at MF Global Holdings Ltd. in Darien, Connecticut, said in a report. “However, we’re seeing somewhat of a floor,” partly because of steady demand from China, the biggest buyer, Meir said.
On the London Metal Exchange, copper for delivery in three months dropped $19, or 0.3 percent, to $7,440 a metric ton ($3.37 a pound). Tin, lead, nickel and zinc also fell. Aluminum was unchanged.
The LME was closed yesterday for a holiday.
To contact the reporters on the story: Anna Stablum in London at astablum@bloomberg.net; Yi Tian in New York at Ytian8@bloomberg.net.
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 08/31/2010 : 19:45:37
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| Light Sweet Crude Oil fell $3 today as well. China PMI report is tonight and should alleviate concerns that their economy is slowing. Could $4 copper be that far away? |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 08/31/2010 : 19:58:48
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quote:
Originally posted by Country
Light Sweet Crude Oil fell $3 today as well. China PMI report is tonight and should alleviate concerns that their economy is slowing. Could $4 copper be that far away?
Why would you think $4 copper might be coming anytime soon when the world-wide economy appears to be on the down-slide? |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 08/31/2010 : 20:09:19
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quote:
Originally posted by Ardent Listener
quote:
Originally posted by Country
Light Sweet Crude Oil fell $3 today as well. China PMI report is tonight and should alleviate concerns that their economy is slowing. Could $4 copper be that far away?
Why would you think $4 copper might be coming anytime soon when the world-wide economy appears to be on the down-slide?
For the same reason why Copper recently rose from $2.80 to $3.46. The copper warehouse shortages caused by Chinese development and production activity created a demand surge. Even if the Chinese economy slows from 10% GDP to 8% GDP, they will require enormous amounts of raw copper for their economy. |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 09/01/2010 : 18:42:07
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| You were correct today. |
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Copper Drop Most in Three Weeks as U.S. Bu
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