Bloomberg reported that copper dropped amid concerns that slowing global economy may reduce demand for copper.
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.