Demand outlook worry drags copper
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London, Jan. 4 Copper prices fell on Wednesday, with a rally from the previous session dissipating as concerns about the Euro zone debt crisis eroded confidence and prompted worries about the demand outlook for industrial metals.
Three- month copper on the London Metal Exchange ( LME) slipped to $ 7,665 a tonne in official rings, down from a close of $ 7,790 in the previous session when it hit a three- week high.
The outlook for the market remained shaky due to worries about the euro zone debt crisis, with a round of bond auctions likely to be closely watched by investors.
nual decline in three years in 2011 when it lost a fifth of its value on fears related to the euro zone debt crisis and the global economic slowdown.
In other metals, aluminium slipped to $ 2,068.50 in official rings, from Tuesday’s close of $ 2,076 a tonne, while battery material lead slipped to $ 2,068 from $ 2,100 a tonne.
Aluminium stocks in LMEregistered warehouses rose by 4,425 tonnes to a fresh record high of 4,983,175 tonnes, data showed.
Soldering metal tin was untraded in rings, but bid at $ 19,700 from $ 19,995, while zinc was also untraded in rings, but bid at $ 1,862 from $ 1,878. Nickel was untraded, but bid at $ 18,675 fell from
Copper posted its first anTuesday’s close of $ 18,900.
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Source : Business
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