Copper Falls Most in a Week on China’s Outlook, European Crisis

Bloomberg Copper plunged the most in a week on concern that copper demand will drop as the global economy falters, Chinese exports wane and Europe’s debt woes escalate.

As quoted in the market news:

Chinese export growth probably declined to 20.5 percent in September from 24.5 percent a month earlier, according to economists’ estimates compiled by Bloomberg. European Central Bank President Jean-Claude Trichet said the debt crisis threatens the financial system.

With respect to China, not only are there growing concerns about growth prospects, but renewed attention is being placed on the state of Chinese banks and the billions of dollars of nonperforming loans they are carrying,” Edward Meir, a senior commodity analyst at MF Global Holdings Ltd. in Darien, Connecticut, said in a report.

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