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Copper Extends Decline on Decreasing US Employment

August 6, 2010 at 18:34 by Vladimir Vyun

Copper fell today after US non-farm payrolls decreased more than expected, suggesting that the economic recovery in the US is fragile and demand for the metal may wane. US non-farm payrolls dropped by 131,000, compared to the forecast 63,000 decrease. Unemployment rate remained stable at 9.5 percent.

Reports about employment, together with previous bad news from US, makes one think that nation’s economy is far from being stable. That’s bad for copper as the US is the second largest consumer of the industrious metal in the world. China, the biggest copper user, is also experiencing slowdown of economic growth.

September futures for copper delivery slid $0.0125 (0.4 percent) to $3.341 per pound by 11:44 on COMEX. The price touched $3.4105, the highest level in three months, on August 4th and declined 1.5 percent yesterday. Analysts say that the metal may fell to $3.00.

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

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