Copper dips as US GDP slows

Date: 30 July 2010, 17:58
 
Worse-than-expected second quarter GDP figures have caused the price of copper to slide in New York.
Alt News Text The price of the metal has fallen
 

Concern demand for copper may be limited by slower economic growth in the US has caused the price of the metal to fall in New York commodity trading today (July 30th).

Bloomberg reports the natural resource for delivery in September had shed 0.6 per cent on the Comex division of the New York Mercantile Exchange by 09:20 local time, taking its value to $3.2715 (£2.0967) per pound.

The dip came after figures from the country's Department of Commerce showed gross domestic product (GDP) growth slowed to 2.4 per cent in the second quarter of 2010, considerably lower than the upwardly-revised 3.7 per cent seen in the opening three months of the year.

A poll conducted by Bloomberg showed the second quarter growth was worse than anticipated, with economists predicting the expansion would reach 2.6 per cent.

"Copper prices could continue to come down," Frank McGhee of Integrated Brokerage Services was quoted by the news agency as saying, adding the GDP report was "pretty lacklustre".

Posted by Gareth Mann
 
 
 

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