Growing Supply, Economic Concern Push Copper to Biggest Weekly Drop in 16 Months

Bloomberg reported that copper is on track for the biggest weekly drop in 16 months in Friday trading, pushed down by concern about weakness in the U.S. and Chinese economies and on rising supply.

As quoted in the market report:

The increase in copper stocks gives reason to think supplies are plentiful, and China’s growth is not what people expected it to be,” Harry Denny, a broker at Hoboken, New Jersey-based PVM Futures Inc., said in a telephone interview yesterday. “The market is well-supplied, and we’re going to continue to see pressure on prices.

To view the whole Bloomberg report, click here.