Copper Down on Demand Fears

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Tue, Sep 2, 2008

Copper Market News
Post by Researcher , Copper Researcher

Copper saw a two percent drop as the dollar holds firm, oil prices dropped and investors showed their concern for metal demand.

“It’s not any shift in underlying fundamentals of supply and demand, it’s really of lot of negative perceptions about the global economy which are affecting commodities as a whole.”

Read the complete article here.

Investment bank Citi has shifted their numbers for copper to show the downward forecast leaving copper at $475 per pound or $10,472 per tonne.

London Metal Exchange three-month copper — often seen as a key gauge of real economic activity — fell to $7,270 at 10:32 a.m. EDT, after shedding more than $200 on Monday.

Corrigan (Sean Corrigan, chief investment strategist at Diapason Commodities Management) said it was vital copper holds at $7,000 a tonne. If it breaks then the next move could be to $6,600 and all the way down to $5,800,” he said.

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