Copper Falls on European Austerity Concern: Commodities at Close |
| Bloomberg - May 8, 2012 |
Copper Falls on European Austerity Concern: Commodities at Close
By Nicholas Larkin - May 8, 2012 12:10 PM ET Facebook Share LinkedIn Google +1 0 Comments
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The Standard & Poor’s GSCI gauge of 24 commodities declined 1.1 percent to 645.33 at 5:01 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.9 percent at 1,522.344.
BASE METALS:
Copper fell the most in almost five weeks in New York after elections in France and Greece fueled concern that austerity efforts aimed at stemming the region’s debt crisis will be derailed, dimming the outlook for demand.
Copper futures for July delivery dropped 2.8 percent to $3.667 a pound on the Comex in New York, retreating for a fourth session in five. A close at that price would mark the biggest decline since April 4.
On the London Metal Exchange, copper for delivery in three months slumped 1.2 percent to $8,078 a metric ton ($3.67 a pound). The LME was closed yesterday for a public holiday. Aluminum, tin, zinc, lead and nickel slid in London.
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- Posted: 2012-05-08 11:51:06
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