Futures Market News
Copper futures kick off new month with slump
Aug 01, 2012 02:45 PM
Activity at factories in the euro zone and the U.S. endured hiccups in July as China, the top consumer of the industrial metal, saw manufacturing production slip to its lowest in eight months. Copper is sensitive to worldwide economic and financial developments due to its myriad uses in manufacturing and industry.
"The data surprised on the downside for China, which isn't positive for metals," analyst Gayle Berry with Barclays Capital told the news source. "But while the market is disappointed with some of the economic data, you're probably not going to see a big sell-off, because there is anticipation demand is going to improve due to the Chinese government signalling that it is taking a pro-growth stance."
At 2:32 p.m. on Wednesday, copper futures dropped 1.83 percent, a 0.0625 cent loss to $3.355 per pound.
Bloomberg reports losses to copper futures on Wednesday continued the reddish metal's poor performance from July.
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