Copper prices slump by 2% on European worries
DATE: 24/04/2012
Copper made a sluggish start of the new week and slumped by nearly 2 percent on Monday. The report of unexpected drop in European service-sector activity dampened the mood of the traders, even the Chinese data that showed factories in the world's No. 2 economy logged their best performance this year was unable to help the mood, especially the other data showing China’s refined copper imports fell some 30,000 tonnes to 345,667 in March from February.
Copper futures for May delivery settled with a loss of 7.20 cents or nearly 2 percent at $3.6260 per lb, after trading in a range of $3.6035 and $3.6920 on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange shed $145 or 1.7 percent to finish at $8,045 a metric tonne.
POWERED BY: COMMODITY INSIGHTS
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