On Tuesday, copper futures extended Monday’s losses as data indicating weaker than anticipated US consumer confidence weighed on sentiment. On Monday night, copper futures closed down for the first time in five sessions as a firmer greenback halted the red metal’s rally.
On Tuesday, easing concerns over euro-zone debt spelled relief for copper, and the metal rallied for the second day in a row.
Copper earned topped honours as the best performing investment for 2009, and the metal extended its ascent into the new year, reaching a 16-month high on Monday. The New Year’s run was fuelled by a looming strike at the Chuquicamata mine in Chile.
Global consumption for the red metal slipped 1.3% in the first 7 months of 2009 as compared to the corresponding period last year. Concerns continue for copper.
Despite a lull in the United States, Vivek Tupule, of Rio Tinto expects to see new record highs this year due to China’s continued economy growth. Vivek Tupule is the chief economist for Rio Tinto, which is the world’s second largest miner according to market capitalisation. “Supplies remain constrained and there’s scope for demand pick [...]
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