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Copper Matched 19-Month Low
October 2, 2008 @ 6:41 am In Copper Market News
Wednesday saw copper at a 19-month low of $6,120 per tonne and later rose with expectations of a bailout plan being approved by Friday.
Copper MCU3 traded at $6,200 from $6,160, boosted by the U.S. Senate's approval of the bailout plan. But it is about 30 percent away from a record high of $8,940 seen on July 2.
Find the complete article here [1].
An expected lower demand from the world's largest consumer of copper, China, as well as concern about construction and power industry demand is a worry. It is questionable as to how demand from other countries might offset the reduced US usage and current slowing demand in the European Union. Strengthening US dollar is playing a role in bursting the commodity bubble.
Many believe the U.S. currency's fall against the euro since 2002 has been a major reason behind the surge in commodities, priced in dollars.
Find the article here [1].
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[1] here: http://www.reuters.com/article/etfNews/idUSL247751720081002
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