European Austerity Worries Hurt Copper

Bloomberg reported that  copper prices dropped to the lowest level seen in five weeks due to concerns that austerity measures may be shifted off course by the recent elections in France and Greece.

As quoted in the market news:

Copper futures for July delivery dropped 2.8 percent to $3.667 a pound on the Comex in New York, retreating for a fourth session in five. A close at that price would mark the biggest decline since April 4.

On the London Metal Exchange, copper for delivery in three months slumped 1.2 percent to $8,078 a metric ton ($3.67 a pound).

Click here to read the full Bloomberg report.