Copper futures were edging down in value on Wednesday as confidence continued dropping about the European Union two-day summit in Brussels, according to Reuters.
Apprehension for leaders' abilities to control the sovereign debt scourge continued growing as the summit prepares to begin on Thursday, which will mark the EU's 20th set of meetings to control the debt crisis since it began in early 2010. Angela Merkel, chancellor of Germany, said she stands opposed to establishing common euro bonds.
"There have been negative headlines surrounding the EU summit with Merkel's comments. It is not really fundamentals that are driving commodity markets at the moment as the macro overlay is putting pressure on prices," analyst Robin Bhar with Societe Generale told the news source. "Demand (for base metals) is pretty subdued as we move into the holiday season, and I do expect prices to probe the downside. Copper could push below $7,000 a ton."
At 11:14 a.m. on Wednesday, copper futures climbed 0.83 percent, a 0.0275 cent lift to $3.348 per pound.
Bond yields in Spain and Italy, two nations toiling to stave off the debt scourge's damages, were rising on Wednesday, Bloomberg reports.
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