Thursday, February 08, 2007
Copper under pressure, drags others lower
Can we all say, Hallelujah, brother? It's about time speculators got out of the base metals marketplace. Those of us who make a living in this area need a more stable raw material price.
Copper prices have fallen 15 percent so far in 2007 and are down almost 40 percent from May's record $8,800-a-tonne high.
Traders said many of the funds had or were about to leave the base metals complex to return to their core activities such as equities, bonds and currencies.
'The game has changed completely...base metals are no longer the apple in the eye of the funds,' the trader said.
Copper prices have fallen 15 percent so far in 2007 and are down almost 40 percent from May's record $8,800-a-tonne high.
Traders said many of the funds had or were about to leave the base metals complex to return to their core activities such as equities, bonds and currencies.
'The game has changed completely...base metals are no longer the apple in the eye of the funds,' the trader said.
Labels: Copper
