Futures Market News
Slashed growth rates pull down copper futures
Aug 18, 2011 03:10 PM
Projections by Deutsche Bank and Morgan Stanley cited worldwide markets in general and that of China in particular as China is the globe's top user of the industrial metal. Morgan Stanley forecast this year's world's economy will grow 3.9 percent rather than its original projection of 4.2 percent. The outlook of growth in China fell from 9.1 percent to 8.9 percent, according to Deutsche Bank.
"The markets continue to fret about global-growth prospects as the rate of deceleration is becoming broader and deeper," states a report by senior analyst Edward Meir of MF Global Holdings in Connecticut. "We expect to see a continued sideways drift, with a downward bias in most markets over the short term."
At 3:43 p.m. on Thursday, copper futures fell 2.55 percent, a 10.35 cent reduction to $3.9495 per pound.
CNN reports first-time filers of jobless benefit last week increased more than expected in the U.S. The U.S. is the globe's second largest user of copper.
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