Copper futures fell to the lowest level since October 2011 during European morning hours on Thursday, as global growth concerns continued to weigh on the industrial metal.
Copper is sensitive to the economic outlook because of its widespread uses in construction and manufacturing.
On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.153 a pound during European morning trade, down 1.1% on the day.
New York-traded copper prices fell by as much as 3.5% earlier in the session to hit a daily low of USD3.065 a pound, the weakest level since October 20, 2011.
Concerns over the global economic outlook intensified earlier in the week after the International Monetary Fund cut its 2013 forecast for global growth to 3.3%, down from its January projection of 3.5%.
The growth projection for China, the world’s biggest copper consumer, was trimmed to 8% from 8.2%. The growth outlook for the U.S., the second-largest copper user, was lowered to 1.9% from 2%.
The IMF also predicted that the euro zone’s economy will shrink 0.3% in 2013 and grow only 1.1% in 2014. Europe as a region is third in global demand for the industrial metal.
Elsewhere on the Comex, gold for June delivery added 0.3% to trade at USD1,386.65 a troy ounce, while silver for May delivery eased up 0.35% to trade at USD23.38 a troy ounce. - investing.com
Copper is sensitive to the economic outlook because of its widespread uses in construction and manufacturing.
On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.153 a pound during European morning trade, down 1.1% on the day.
New York-traded copper prices fell by as much as 3.5% earlier in the session to hit a daily low of USD3.065 a pound, the weakest level since October 20, 2011.
Concerns over the global economic outlook intensified earlier in the week after the International Monetary Fund cut its 2013 forecast for global growth to 3.3%, down from its January projection of 3.5%.
The growth projection for China, the world’s biggest copper consumer, was trimmed to 8% from 8.2%. The growth outlook for the U.S., the second-largest copper user, was lowered to 1.9% from 2%.
The IMF also predicted that the euro zone’s economy will shrink 0.3% in 2013 and grow only 1.1% in 2014. Europe as a region is third in global demand for the industrial metal.
Elsewhere on the Comex, gold for June delivery added 0.3% to trade at USD1,386.65 a troy ounce, while silver for May delivery eased up 0.35% to trade at USD23.38 a troy ounce. - investing.com
Gold prices are falling & now gold has fell for 2 years low at 25900, silver is also slipped down at 43200, people are assuming that this fall will remain constant. Market is critical these days, so always trade wisely & also Consult with Commodity Experts Tips so that risk can be minimize.
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