Analysts warn more losses in store for copper

Copper Investing News reports analysts predicting more losses in copper prices in 2009.

Copper, used primarily in home construction has taken a recent tumble in reaction to data showing the largest monthly decline in December U.S. new home sales since 1994. Sales of newly built U.S. single-family homes fell 14.7 per cent in December to a 331,000 annual pace. Weak economic figures coming out of the United States reflect a growing recession. Market attention will now turn to Friday’s fourth-quarter gross domestic product results. U.S. GDP is expected to contract at an annual rate of 5.4 per cent in the fourth quarter. On a positive note, U.S. President Barack Obama’s $825 billion stimulus plan cleared its first Congressional hurdle as the Fed eyed more extreme measures to ease credit market strains.

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