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Copper, Nickel, Tin Slump on European Debt, Global Growth Risk
Sep. 23, 2011 07:47PM PST
Base Metals Investing Business Week reported that Copper fell to the lowest in more than a year on fears of European debt crisis and threat of a U.S. recession.
Business Week reported that Copper fell to the lowest in more than a year on fears of European debt crisis and threat of a U.S. recession.
The market news is quoted as saying:
The world is poised for a financial crisis, Mohamed El- Erian, chief executive officer of Pacific Investment Management Co., said in Washington yesterday. The Federal Reserve said Sept. 21 that there are “significant downside risks” in the U.S. economy, prompting the central bank to announce a $400 billion plan to spur growth as the recovery from the worst contraction since the Great Depression falters.
“Base metals are probably most sensitive to economic environment,” Chae Un Soo, a trader at Korea Exchange Bank Futures Co., said by phone from Seoul. “China’s PMI number came out pretty bad yesterday and now we have this Greek bank cut.”
