Monday, November 01, 2004
Copper Drops in London Amid Concern Chinese Demand Has Peaked
Bloomberg.com: Latin America: "Copper fell in London on concern that demand in China, the world's biggest consumer of the metal used in power cables and plumbing, may fall while output rises.
China raised benchmark interest rates on Oct. 29 for the first time in nine years to try to prevent economic overheating. BHP Billiton and Phelps Dodge Corp are among companies increasing production this year.
``I think we are probably at the top of the cycle,'' Maqsood Ahmed, an analyst at Calyon Financial in London, said in a telephone interview. ``There's probably more negatives than positives.'' "
China raised benchmark interest rates on Oct. 29 for the first time in nine years to try to prevent economic overheating. BHP Billiton and Phelps Dodge Corp are among companies increasing production this year.
``I think we are probably at the top of the cycle,'' Maqsood Ahmed, an analyst at Calyon Financial in London, said in a telephone interview. ``There's probably more negatives than positives.'' "
Labels: Copper
