Copper Declines in New York on Concerns of Slowing Global Growth

Bloomberg reported that copper dropped amid concerns that slowing global economy may reduce demand for copper after a report showed that orders for U.S. durable goods fell in August.

The market news is quoted as saying:

Demand for total durable goods fell a less-than-forecast 0.1 percent, a Commerce Department report showed today in Washington, after a 4.1-percent gain the prior month. The median projection of 77 economists surveyed by Bloomberg News called for a 0.2 percent decline. A separate report may show an index of household sentiment in the 17-nation euro area fell to the lowest in two years.

“We expect copper to trade down to $7,000 a ton on a 0-3 month view, driven by a weakening global economic outlook and financial uncertainty,” Citigroup Inc. analysts including Heath Jansen said in a presentation e-mailed today.

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