Saturday, November 03, 2007
Copper Continues Recent Slump
Nasdaq news
Copper continued its recent slide on Friday in U.S. trading. December-stamped copper contracts were at $3,325, down 3.75 cents on the session. The red metal dropped more than 20 cents on the week.
The metal moved lower throughout the week as economic concerns in the U.S. continued. Since the metal is often used by builders in construction, economic growth or lack thereof often moves the copper market. Investors continued to mull the US Federal Reserve's decision to lower its interest rates by 25 basis points to 4.5% on Wednesday.
Copper continued its recent slide on Friday in U.S. trading. December-stamped copper contracts were at $3,325, down 3.75 cents on the session. The red metal dropped more than 20 cents on the week.
The metal moved lower throughout the week as economic concerns in the U.S. continued. Since the metal is often used by builders in construction, economic growth or lack thereof often moves the copper market. Investors continued to mull the US Federal Reserve's decision to lower its interest rates by 25 basis points to 4.5% on Wednesday.
Labels: Copper
