Copper Drops to 9-Month Low on Europe Concerns

Bloomberg reported that commodities dropped, led by copper’s plunge to a nine-month low, on Europe’s concern whether Greece can meet conditions of a rescue loan.

The market news is quoted as saying:

Greece needs to prove to its partners it’s doing enough to receive more aid.

“People are waiting on the sidelines to see if prices get cheaper,” said Gary Mead, an analyst at VM Group in London. “Industrial and end-users and consumers in the wholesale sense are in a wait-and-see mode. It’s clearly the fact that there’s no decision on the table for the end of the euro crisis. There’s a tremendous amount of fear out there.”

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