Futures Market News
Copper futures track commodity complex' slippage
Oct 08, 2012 10:35 AM
Additional tradables on the commodity complex also were falling in value. The Standard & Poor's GSCI Spot Index, which gauges the performance of 24 raw materials, dropped by 1.4 percent. China, the globe's largest consumer of the reddish metal, is forecast to continue showing a reduced pace of development, which also is likely to pinch the industrial metal's prices.
"With oil weakening, it spills over," analyst Edward Meir with FCStone Inc. in New York told the news source on Monday. "Many of the funds trade in baskets of commodities, and when they see oil falling, they get nervous. Oil is sort of the locomotive because it's such an important commodity."
At 9:50 a.m. on Monday, copper futures fell 1.61 percent, a 0.061 cent loss to $3.717 per pound.
Reuters reports the losses to the industrial metal pull it down to its lowest in at least one week of trading.
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