Tags: Copper | Signs | US | Demand

Copper Falls for Second Day on Signs US Demand May Falter

Friday, 04 Apr 2014 02:31 PM

Copper futures fell for the second straight day Friday as a government report showing job growth trailed estimates triggered concerns that demand will falter in the U.S., the world’s second-biggest user of the metal.

Payrolls rose 192,000 in March, less than last month and trailing the median forecast for 200,000 in a Bloomberg survey of economists. On April 2, Teck Resources Ltd. and Pan Pacific Copper Co. said their copper mines were unaffected by an earthquake in Chile, the top producer.

“The employment news points toward a sluggish economy, and we are seeing some money flow out of copper,” Bill O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said in a telephone interview. “The supply concerns have also vanished.”

Copper futures for May delivery fell 0.1 percent to close at $3.0225 a pound at 1:25 p.m. on the Comex in New York. The price has dropped 11 percent this year amid concern that demand will ebb in China, the biggest consumer of industrial metals.

On the London Metal Exchange, copper declined 0.4 percent to $6,619 a metric ton ($3 a pound).

Nickel rose 0.6 percent to $16,385 a ton. Earlier, the price reached $16,591, the highest in a year, amid mounting global supply concerns and increasing demand.

Zinc and lead gained, while aluminum and tin fell.

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Copper futures fell for the second straight day Friday as a government report showing job growth trailed estimates triggered concerns that demand will falter in the U.S., the world's second-biggest user of the metal.
Copper,Signs,US,Demand
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2014-31-04
Friday, 04 Apr 2014 02:31 PM
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