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"Copper prices fell to their lowest level in more than six years on Friday as investors shed holdings of the industrial metal on concerns about global demand.
Prices fell on seven of the past eight trading days as disappointing economic data from China and Europe, and predictions of a supply glut spurred selling. Many traders refer to the metal as "Dr. Copper" because its widespread use in everything from iPhones to air conditioners makes copper prices a barometer of global economic health.
"Dr. Copper says we're going to continue to have a glut of copper supply, due to the decreased needs from the world's No. 1 copper consumer China," said Dave Meger, director of metals trading at High Ridge Futures in Chicago.
The most actively traded contract, for December delivery, settled down 0.45 cent, or 0.2%, at $2.1680 a pound on the Comex division of the New York Mercantile Exchange. This was the lowest close since July 8, 2009, when prices closed at $2.1590."
"Copper prices fell to their lowest level in more than six years on Friday as investors shed holdings of the industrial metal on concerns about global demand.
Prices fell on seven of the past eight trading days as disappointing economic data from China and Europe, and predictions of a supply glut spurred selling. Many traders refer to the metal as "Dr. Copper" because its widespread use in everything from iPhones to air conditioners makes copper prices a barometer of global economic health.
"Dr. Copper says we're going to continue to have a glut of copper supply, due to the decreased needs from the world's No. 1 copper consumer China," said Dave Meger, director of metals trading at High Ridge Futures in Chicago.
The most actively traded contract, for December delivery, settled down 0.45 cent, or 0.2%, at $2.1680 a pound on the Comex division of the New York Mercantile Exchange. This was the lowest close since July 8, 2009, when prices closed at $2.1590."
[text] Copper Prices Hit Six-Year Low - NASDAQ.com
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