Copper Declines for First Day in Three as China Extends Curbs on Property |
| Bloomberg - Sep 30, 2010 |
Copper dropped for the first time in three days after China stepped up measures to rein in property prices, dimming the demand outlook for industrial metals. Zinc and lead also declined.
Copper for three-month delivery on the London Metal Exchange fell as much as 1.4 percent to $7,953 a metric ton and traded at $8,009 at 11:44 a.m. Singapore time. Still, the metal has jumped 23 percent since the end of June, heading for the best quarterly rise in a year. January-delivery copper on the Shanghai Futures Exchange lost 1 percent to 60,240 yuan at the midday break.
China will speed up the introduction of a trial property tax in some cities and then expand the levy to the whole country to curb rising real-estate prices, the government said, without giving a timetable. Property prices in 70 major cities rose 9.3 percent in August from a year earlier, prompting the government to extend a crackdown on speculators and multiple home purchases.
Read Full Article from Bloomberg
- Posted: 2010-09-29 22:52:03
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