Futures Market News
Copper futures hinge on late week Brussels summit
Jun 25, 2012 02:11 PM
The price of copper futures firmed on Monday as the shared currency of the European Union endured pressure from Spain, which is drawing an increased amount of negative attention, according to Reuters.
But losses to the reddish metal were minimized by the globe's top consumer effecting spot purchases. Investors from China, host of the globe's most rapidly developing economy, helped minimize losses to the commodity that is sensitive to economic developments due to its myriad uses in construction, manufacturing and other industry.
"Markets are holding their fire at the moment to see what the Europeans come up with at this week's leadership conference. If they don't see any movement on key proposals, they very well could drive the markets lower again," analyst Ed Meir with INTL FCStone told the news source, pointing to the Thursday and Friday summit scheduled for European Union leaders in Brussels.
At 12:31 p.m. on Monday, copper futures slipped 0.15 percent, a 0.05 cent loss to $3.31 per pound.
The Wall Street Journal also attributed losses to apprehension and a reduced optimism among investors as the Brussels summit nears.
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