Futures Market News
Copper futures slide as growth slows
Aug 16, 2011 09:34 AM
While gross domestic product in the euro zone increased only 0.2 percent to the second quarter from the first, growth virtually ceased in Germany, the pace-setting economy of the region. July saw starts for housing and permits for building slow in the U.S. as both of those markers note plans for future construction.
"The focus now is on worsening macro readings, particularly out of the U.S. and Europe," states a report authored by senior analyst Edward Meir of MF Global Holdings in Darien, Connecticut. "Prices will continue to struggle over the balance of the year."
At 10:13 a.m. on Tuesday, copper futures slumped 1.18 percent, a 4.8 cent slide to $4.005 per pound.
Reuters attributes the industrial metal's drop in price to a stronger dollar but cited China, as the metal's top consumer, as likely to continue purchasing the commodity. Thus far this year, copper futures have fallen 8 percent. Last week they dropped to their lowest values in eight months.
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