COPPER CRUMBLES BY 1.5%; HALTS SIX SESSION UPTREND
DATE: 03/05/2012
Copper prices got pummeled by one and half a percent on Wednesday and halted the six session uptrend as investors shunned the growth sensitive metal after concerns over the global economic recovery grew amid slowing manufacturing sector activity in Europe and top consumer China. The red metal prices also were pummeled on the back of weak jobs report from the US and Euro-zone which showed far fewer than expected jobs were added in April, intensifying concerns over demand for crude in a global economic slowdown. The appreciation in American greenback also pressured the industrial metal prices as it made the metal priced in dollar look more expensive to foreign investors.
Copper futures for May delivery plummeted 5.65 cents or 1.5% to close at $3.7870 per lb, after trading as high as $3.8395 and as low as $3.7665 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange slumped $135 to settle at $8,305 a tonne.
POWERED BY: SMC ONLINE NEWS
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