Bloomberg reports that copper fell to a two-week low on growing concern that China, the world’s largest metal user, will raise interest rates again to control its economy.
Bloomberg reports that copper fell to a two-week low on growing concern that China, the world’s largest metal user, will raise interest rates again to control its economy.
The market news is quoted as saying:
“The Chinese inflationary data is weighing on the market,” said Rich Ilczyszyn, a senior strategist at Lind- Waldock, a broker in Chicago. “People want to see if China is going to raise rates again.”
Copper futures for May delivery fell 3.5 cents, or 0.8 percent, to $4.4475 a pound at 11:20 a.m. on the Comex in New York, heading for the third consecutive drop. Earlier, the price touched $4.4275, the lowest for a most-active contract since Jan. 31.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1846.53 | +0.13 | |
Silver | 21.75 | +0.03 | |
Copper | 4.30 | +0.02 | |
Palladium | 1968.65 | +11.53 | |
Platinum | 957.67 | +3.19 | |
Oil | 110.35 | -1.86 | |
Heating Oil | 3.62 | -0.05 | |
Natural Gas | 8.06 | -0.25 |
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