Futures Market News
Copper futures' losses curbed by hopes for ECB action to confront debt scourge
Aug 24, 2012 04:18 PM
Losses that the reddish metal endured early in the trading session tracked slippage of the embattled shared currency of the European Union. But the central bank is reportedly exploring the possibility of implementing a new bond-purchasing program to establish yield band targets as Spain and Italy struggle to blunt threats posed by the debt scourge.
"I think that gave us a little bit of a lift ... some ideas about Europe being a little bit better," commodity strategist Sterling Smith with the Institutional Client Group of Citibank in Chicago told Reuters.
At 3:12 p.m. on Friday, copper futures dropped 0.3 percent, a 0.0105 cent loss to $3.488 per pound.
The reddish metal might soon find itself in increased demand due to conjecture indicating the globe's two largest authorities are poised to do more to encourage development and growth, according to Bloomberg. Copper is a vital component of construction, manufacturing and other industry.
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