Futures Market News
Copper futures remain even as demand slows
Oct 10, 2012 04:48 PM
Concerns about weakening demand prompted copper futures to hover around neutral on Wednesday, Reuters reports.
Those worries tempered gains the reddish metal achieved after China was expected to implement pro-growth policies. The Asian nation is the globe's lead consumer of the industrial metal and it hosts the world's second largest economy, trailing only that of the U.S.
"Copper demand is surprisingly low this year and I expect copper to move sideways in the short term but there will likely be a jump in China's copper imports at the beginning of the next year, before new projects and stimulus measures are approved by the new government," commodity analyst Eugen Weinberg with Commerzbank in Frankfurt told the news source. "I believe that China will come back next year and many will be surprised to see how much it will drive demand for all metals due to new economic measures and infrastructure plans."
At 4:17 p.m. on Wednesday, copper futures slipped 0.05 percent, a 0.002 cent loss to $3.716 per pound.
The Wall Street Journal reports copper futures also are being impacted by preoccupations about the financial system of Europe as the sovereign debt crisis drives toward a third year of causing damage.
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