Copper Futures Tumble as European Debt Crisis May Reduce Growth

- September 26th, 2011

Bloomberg reported that Copper futures inched down on concern that the Europe’s debt crisis may slow down global growth and spur a slump in commodity demand.

Bloomberg reported that Copper futures inched down on concern that the Europe’s debt crisis may slow down global growth and spur a slump in commodity demand.

The market news is quoted as saying:

U.S. Treasury Secretary Timothy F. Geithner called on governments to unite with the European Central Bank to boost the capacity of their 440 billion-euro ($592 billion) bailout fund, warning failure to act threatened “cascading default, bank runs and catastrophic risk.” The Standard & Poor’s GSCI Index of 24 commodities fell to the lowest since Dec. 1.

“The global economy, in particular the western economies, are sort of in a quasi-recessionary environment,” Bart Melek, an analyst at TD Securities in Toronto, said in a telephone interview. “This means that copper-demand growth is going to moderate for a bit.”

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