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05-May2011

Copper Takes Nasty Blow As Demand-Side Worries From China And US Loom

Copper prices took a nasty laceration of around two and half a percent on Wednesday as investors relentlessly squared off positions from the commodity as they feared that demand for the metal may moderate from the world`s top-two consumers. With economic growth in China and the US, the two biggest copper consuming nations, showing signs of easing investors feared that spiraling inflationary pressure would dampen the red metal’s demand prospects in the near term.

Copper futures for July delivery got slaughtered by 11.90 cents to settle at $4.1340 per lb after trading in a range between $4.1285 and $4.2545 on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange got pounded by $226 to $9,124 a tonne.

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