Copper fell the most in five weeks after workers ended a strike in Peru, the world's third-largest source of the metal.
Peruvian miners called off the week-long national strike while talks with government officials over profit-sharing and pensions continue, Deputy Labor Minister Jorge Villasante said yesterday. Copper rose 1.8 percent last week as the strike threatened supplies of the metal used in pipes and wires.
Copper has fallen ``with the end of the miners strike in Peru on Sunday weighing on prices,'' analysts at Barclays Capital said today in a report.
Copper futures for September delivery fell 11.05 cents, or 2.8 percent, to $3.8385 a pound at 9:16 a.m. on the Comex division of the New York Mercantile Exchange. Earlier, the price fell as much as 3.7 percent, the biggest intraday decline since May 29.
Copper and commodities are falling fairly fast on the stock exchange too. Steel companies have seen some massive hits lately in their stock prices. Not sure where all this is headed buy my guess would be to scrap as much as we can while the times are good.
Take this job and shove it. I don't want to work here no more...
Copper and commodities are falling fairly fast on the stock exchange too. Steel companies have seen some massive hits lately in their stock prices. Not sure where all this is headed buy my guess would be to scrap as much as we can while the times are good.
Either we are on our way to a deflationary depression or this is a wild attempt to shake off some of the commodity speculators. I'm holding on to my hoard.
"The key to building wealth is to not lose money." - Warren Buffet
Copper Falls Most in Five Weeks as Miners in Peru
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Posted - 07/08/2008 : 00:16:38
