Copper Falls on New Global Economic Worries

The Associated Press reported that copper prices dropped as Greek debt crisis overshadowed improvements in U.S. manufacturing.

The market news is quoted as saying:

The reports were released after Greece said it will miss deficit reduction targets it agreed to as part of an deal to receive another round of emergency funding. That is creating more pressure on European leaders to resolve the crisis.

“The macroeconomic situation continues to be … the prevailing factor in this market,” said Dave Meger, vice president of metals trading at Vision Financial Markets. “You’ll see tidbits that change the picture slightly but, all in all, it’s the same focus on the economy, focus on European sovereign debt, focus on concerns about China’s growth,” he said.

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