Tags: copper | Japan | recession | economy

Copper Falls Amid Demand Concern as Japan Sinks Into Recession

Monday, 17 Nov 2014 08:18 AM

Copper fell as data showed Japan, the fourth-biggest consumer of the metal, unexpectedly sank into a recession.

Gross domestic product shrank an annualized 1.6 percent in the three months through September, Japan’s Cabinet Office said. That was a second straight drop, matching the textbook definition of a recession. Group of 20 leaders agreed to take measures that would boost their economies by a collective $2 trillion by 2018 as they battle patchy growth.

“Japan’s figures have proved disappointing across the board,” Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt, said by e-mail. “Unless the economy gathers pace again soon, this is also likely to have a negative impact on demand for metals.”

Copper for delivery in March dropped 0.5 percent to $3.022 a pound by 7:28 a.m. on the Comex in New York. The contract for delivery in three months fell 0.4 percent to $6,675 a metric ton on the London Metal Exchange.

Investors were less bearish on copper in the week ended Nov. 11, reducing their net-short position to 1,664 Comex futures and options contracts from 5,961 contracts a week earlier. A shift in sentiment among this group of investors might give prices a boost, Briesemann said.

Copper stockpiles monitored by the LME fell for a fourth session to 159,125 tons, daily data showed. Orders to remove the metal from warehouses declined 2.6 percent to 25,850 tons.

Tin, nickel and aluminum advanced in London. Zinc and lead fell.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Markets
Copper fell as data showed Japan, the fourth-biggest consumer of the metal, unexpectedly sank into a recession. Gross domestic product shrank an annualized 1.6 percent in the three months through September, Japan's Cabinet Office said.
copper, Japan, recession, economy
240
2014-18-17
Monday, 17 Nov 2014 08:18 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved