Copper Falls to 14-Month Low on Prospects for Demand to Weaken

Bloomberg reported that copper may inch down on concern over slowing copper demand.

The market news is quoted as saying:

Morgan Stanley cut its forecast for the 2012 price of copper by 17 percent to $3.8 a pound, citing a “rapidly diminishing prospect of global growth being robust enough to deliver stronger base metals prices next year.”

The Institute for Supply Management’s factory index climbed to 51.6 last month from 50.6 in August, the Tempe, Arizona-based group’s data today. A level of 50 is the dividing line between growth and contraction. Economists forecast the measure to fall to 50.5, according to the median projection in a Bloomberg News survey.

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