Copper prices were little changed on Tuesday, edging higher in London and lower in New York after rallying last week to the highest levels since May on economic stimulus measures from the US Federal Reserve and the European Central Bank. COMEX copper for December delivery shed 0.50 cent to settle at $3,7870 per lb, backing further away from last Friday's 4-1/2-month peak at $3.8380.
Aside from the growth concerns in the United States and in Europe, investors also fear that sluggish demand from China, the world's top copper consumer, will remain in place for an extended period as the economy slows. Deutsche Bank analyst Daniel Brebner said for copper to break out of the ranges it has mostly traded in the past few months, the Chinese government would have to follow the lead of the Fed and be more aggressive in stimulating growth.
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