Futures Market News
Copper futures drop as concerns grow about global growth
Oct 29, 2012 07:57 AM
Preoccupations about the pace of global development pulled copper futures to their lowest value since early September on Monday, according to Reuters.
Despite stronger than anticipated third-quarter growth in the U.S., host of the globe's largest economic system, the reddish metal suffered from decreases to risk appetite. Trading and deal-making were projected to slow down on Monday in anticipation of Hurricane Sandy driving up the Eastern Seaboard. Some forecasters are projecting the storm system to be the largest to impact the U.S.
"It's the reality of a bad macro-economic backdrop that's weighing on sentiment, some of the latest signs of which come from corporate earnings. We think all base metals can fall over the next six months and we expect them to," analyst Ross Strachan with Capital Economics told the news source.
At 8:12 a.m. on Monday, copper futures fell 1.42 percent, a 0.0505 cent loss $3.4995 per pound.
The Wall Street Journal reports base metals were dropping in value in anticipation of the U.S. election being one-plus week away as well as the U.S. Labor Department preparing to release employment data later this week.
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