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Copper prices have hit a six year low following an unexpected drop in German industrial production, Bloomberg reported.
Copper prices have hit a six year low following an unexpected drop in German industrial production, Bloomberg reported.
As quoted in the publication:
Manufacturers in Germany, the third-largest copper consumer, may have been hurt by a prolonged Greek debt crisis and a slowdown in China, a report showed Friday. All six main industrial metals are in bear markets as slowing global growth is threatening demand at a time when supplies are plentiful.
“The market is going through a bad patch,” Andrew Silver, a broker at Triland Metals Ltd., a London-based brokerage, said by telephone. “It’s a classic bear market. This is not a good sector at the moment. It’s very hard at the moment to find anything to give anyone an encouragement to buy any more metal than they absolutely need.”
Copper for delivery in three months was little changed at $5,186.50 a metric ton ($2.35 a pound) at 3:43 p.m. on the London Metal Exchange. Prices fell as much as 1.2 percent to the lowest since July 2009.
