Demand for the industrial metal is likely to drop due to the debt scourge because the region consumes almost one-fifth of the globe's supply. Of 23 analysts and traders surveyed by Bloomberg, 11 forecast the reddish metal to drop in value. Since touching record prices this past February, copper futures have fallen at least 20 percent amid anticipations of a slowing global economy.
"There's a strong chance of Europe going into a recession," research head William Adams with London-based Basemetals.com told Bloomberg. "Asia is getting more worried that the slowdown in Europe will mean demand for their exports will be hit and therefore that's going to impact demand for their industrial production."
At 5:15 p.m. on Friday, copper futures climbed 0.57 percent, a 1.95 cent rise to $3.4205 per pound.
The BBC reports Spain has emerged as the next flashpoint in the euro zone's struggle with the sovereign debt scourge as the fulcrum shifted from Greece to Italy and then to the Iberian nation, which is likely to vote out its incumbent this Sunday.
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