Futures Market News
Weak export data from Japan pulls down copper futures
Oct 22, 2012 04:51 PM
The price of copper futures fell to its lowest in at least four weeks on Monday as a consequence of sharp drops in Japanese export data, Reuters reports.
The slip demonstrates worldwide concerns about a global slowdown as the reddish metal is sensitive to financial and economic developments due to its myriad uses in manufacturing, construction and other industry. The Pacific Rim nation, host of the globe's third-largest economic system, saw exports to China drop more than 14 percent in September as compared to the same month one year ago.
"The export data for September was particularly poor," strategist Nic Brown with Natixis told the news source. "And if you look at the way in which Japanese exports are a function of the demand from the rest of Asia - that's become clearly apparent over the last couple of years - this is a reflection of weakness in the Asian economy as a whole."
Also damaging the price of copper on Monday was data about exports from Japan to the European Union, which fell more than 21 percent.
The Associated Press reports the industrial metal was impacted by corporate earnings reports in the U.S., host of the globe's largest economy.
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