Copper Declines on Concern Possible Recession Will Damp Demand

Bloomberg reports copper declined on concern a global recession will curb demand for industrial metals.

The market news is quoted as saying:

Global investors anticipate Europe’s debt crisis will lead to an economic slump, a financial meltdown and social unrest in the next year, a Bloomberg survey found. German lawmakers approved a plan to expand the European Financial Stability Facility’s firepower and allow euro-area officials to consider further measures to bolster Greece and stem investor concern.

Copper “is being driven purely by fears of global recession,” Jesper Dannesboe, a strategist at Societe Generale in London, said by phone today. “That is the key driver of the copper selloff.”

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