Wednesday, October 04, 2006
Copper Drops to Three-Month Low on Concern U.S. Demand May Ease
Bloomberg.com
Copper in New York tumbled more than 4 percent to the lowest in three months on speculation a slowdown in the U.S. economy may reduce demand for industrial metals.
The price of copper is down 19 percent from a record $4.04 a pound in mid-May. U.S. manufacturing expanded less than analysts estimated in September and spending on home construction dropped for a fifth straight month in August, reports showed yesterday.
Copper in New York tumbled more than 4 percent to the lowest in three months on speculation a slowdown in the U.S. economy may reduce demand for industrial metals.
The price of copper is down 19 percent from a record $4.04 a pound in mid-May. U.S. manufacturing expanded less than analysts estimated in September and spending on home construction dropped for a fifth straight month in August, reports showed yesterday.
Labels: Copper
