Copper Drops to 2011 Low on Economic Worries

Reuters reported that copper plunged to new low for the year on concern over the impact of a euro zone debt crisis on the global economy and its implications on demand for raw materials.

The market news is quoted as saying:

Concerns about sovereign debt in the euro zone curbed appetite for assets perceived as risky, as the market looked to developments in Greece where the cabinet is expected to outline public sector layoffs, spending cuts and tax increases to secure a bailout instalment crucial to avoid running out of money
next month.

Analysts said base metals markets are likely to stay in rangebound trade until further clarity is reached on the debt situation in Europe and global growth prospects.

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