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06-May2011

Copper Gets Slaughtered For Yet Another Session; Deposes Over 3%

Copper prices got slaughtered for yet another session and plunged by over three percentage points on Thursday as it got pummeled to its lowest level since December after investors vehemently squared off positions as uncertainties over global economic recovery loomed large, while the spiraling inflationary risk too prompted a brutal cross-commodity crash. The red metal prices took the nasty laceration as apart from a stronger dollar, disappointing economic data from top metal consumers like US, China, and Europe triggered worries over demand prospects of base metals.

Copper futures for July delivery got slaughtered by 13.60 cents or 3.3% to settle at $3.9980 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange got pounded by $304 to $8,820 a tonne.

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