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US Economy Slows Leading to Fall of Copper Futures

January 31, 2013 at 20:52 by Vladimir Vyun

Copper futures fell today in New York as rising US unemployment claims caused concern about economic growth and led to speculations that demand for the metal may ebb. Claims for unemployment benefits rose from 330,000 to 368,000 last week. The impact of rising jobless claims was subdued to some degree as Automatic Data Processing reported that US employers added 192,000 jobs in January, beating forecasts by a great margin.

The Federal Reserve concluded its two-day policy meeting yesterday, leaving the monetary policy the same, but indicating that “growth in economic activity paused in recent months”. Such view was confirmed by decline of US gross domestic product by 0.1 percent in the fourth quarter of 2012 from the previous three months. The contraction was completely unexpected and has spoiled traders’ mood.

Futures for delivery of copper in March fell $0.015 (0.40 percent) to $3.735 per pound as of 20:48 GMT on COMEX today. Three-month contract for delivery of copper advanced as much as $123 (1.52 percent) to $8,226 per metric ton on LME.

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

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