Copper Narrows Losses
WIth central banks cutting interest rates globally copper has narrowed its losses after having fallen more than seven percent with financial crisis concerns.
The U.S. Federal Open Market Committee, the policy-setting arm of the U.S. Federal Reserve, cut benchmark lending rates by half a percentage point to 1.5 percent in an action coordinated
with other central banks.
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The International Copper Study Group (ICSG) expects to see a copper surplus of 100,000 tonnes for 2008. Europe’s biggest copper miner, KGHM KGHM.WA, anticipates their third quarter revenue to be lower than a year-ago period. KGHM may go so far as to reduce their 2008 forecasts as demand for certain copper products has lessened.
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Wed, Oct 8, 2008
Post by Mike Rodger, Copper Reporter