Copper Falls to Two-Week Low on Concern China May Raise Rates
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.