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Copper Declines as S&P Puts European Rating on Review

December 6, 2011 at 1:52 by Vladimir Vyun

Copper fell today as Standard & Poor’s warned that it put the credit ratings of 15 countries of the Eurozone on review with negative implications. The rating agency provided various reasons for such decision, including the indecisiveness of the European policy makers and the growing risk of a new recession. The announcement wiped out the positive sentiment from markets.

And the market sentiment was positive earlier. France’s and Germany’s leaders has met to discuss the possible changes to the European Union treaties, aiming for stronger fiscal integration. Such talks made way to hopes that the summit on December 9 will bring some solid plans to resolve the Eurozone debt crisis. But the prospects for the European credit ratings downgrade erased the optimism.

Copper price was down today from $3.5400 to $3.5135 per pound as of 1:44 GMT on COMEX. The metal was up from $3.6000 to $3.6200 per pound yesterday before falling to the closing price of $3.5440.

If you have any questions and comments on the commodities today, use the form below to reply

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