Average Rating:

(0)

Rate this:

Copper price peaks and slides

Consumer confidence dip impacts prices

Tom Stundza -- Purchasing, 10/28/2009 3:48:18 PM

U.S. copper futures drifted down below $3/lb this week after recent data showed a lower-

than-expected level of consumer confidence. Prices have backed away to $2.98 from a 13-month high of $3.03 on Monday as a large 1,800-metric-ton build in London Metal Exchange (LME) stockpiles dampened demand outlook. Inventories this week are at their highest levels since mid-May at 370,650 metric tons.

Matthew Zeman, head of trading with LaSalle Futures Group in Chicago, tells Bloomberg that safe-haven investment has pushed the dollar up to a two-week high against the Euro after worse-than-expected consumer confidence data from the Conference Board, making dollar-denominated commodities less attractive for non-U.S. investors.

A Reuters report says China's throbbing economy is showing robust demand for copper to feed its huge industrial machine. That isn't happening elsewhere, though, and the annualized price for the red metal has fallen to $2.18/lb from $3.15 in 2008.

Average Rating:

(0)

Rate this:

Talkback

» Submit Feedback

• what is your expectations for copper prices in 2009and 2010

  
  mouez katlabe - 10/29/2009 5:59:11 AM EDT
» Submit Feedback

Related Content

• Topics
• Author
• Top Rated

Copper price may stagnate at $2.34/lb in the second half

06/29/2009

Copper price increases forecast through 2012

08/19/2009

Copper’s futures prices are on the rise

02/08/2009

Copper price hikes pinned to investors

07/15/2009

Back from vacation and things are looking better

08/28/2009

Also by this author

• Material handling equipment buys to rise in 2010

• Supply issues are boosting copper prices

• Gypsum wallboard demand is down

• OECD sees world growth at 3.4% in 2010

• Ferrochrome supplies face headwinds

»MORE

• Positive Indicators

• Salary Survey

• Strategic sourcing case histories: How They Buy archive

• Freeport not boosting U.S. copper output

• Structural steel demand is dismal

Sponsored Links

• Resource Center
• Browse Categories
• Browse Companies

Featured Company

• Zycus

  

  Zycus provides global spend management solutions to more than 150 leading Fortune 1000 customers that consider spend management software, processes and technology strategic to their competitive advantage. Zycus Spend Management solutions automate... more

• Coupa Software, Inc.

  

  Coupa.com helps small and medium-sized businesses control costs and improve purchasing efficiencies with an easy-to-use, web-based purchasing system that automates the entire procure-to-pay process, from requisitions, approvals, RFQs and purchase... more

• PartMiner WorldWide

  

  PartMiner WorldWide is uniquely positioned to provide an objective, global perspective of the electronic components marketplace. We maintain vast amounts of technical information and gather transactional market intelligence throughout the world... more

• Innovative Analytics & Training

  

  Innovative Analytics & Training provides high-quality research and analytic services for corporate and government clients. Innovative Analytics leverages its constant study of analytics in government and commercial settings to promote innovation... more

• Global Data Mining

  

  GDM specializes in global trade data, and helps provide global trade data and enterprise-wide data solutions to help importers and exporters around the world optimize & automate global trade processes.Working closely with the Content Specialists of... more

---

Most Recent Resources

• However You Slice It, Buying Energy is Unique
• Exclusive Near-Term Service Announcement: A.T. Kearney's Category...
• Enterprise-wide Trade Data Management
• Using Data to Identify Risks & Opportunity
• The Five Most Common Supply Chain Risks and What You Can Do To Avoid...