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16-Apr2011

Copper Extends Weak Run For The Fifth Successive Session

Copper prices extended their weak run till the last trading day of the week as investors worry over the short term demand prospects of the commodity showed little signs of dying down since spiraling inflationary pressures due to rising food and gasoline costs continued to undermine sentiments. The wilt in red metal prices was despite the weakness in the US greenback against a basket of currencies which typically makes the dollar denominated commodity cheaper for overseas investors.

Copper futures for May delivery slipped by 2.65 cents and settled at $4.2575 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange dropped $5 to $9,405 a tonne.

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