Copper eked out small gains in quiet New York trade on
Friday on a spate of technical buying after prices hit
multi-week lows earlier in the session as they were
dragged down by a lower London market and by weak
German and U.S. data.
• London dropped to six-month lows on Friday only
managing to pare some losses late in the day. A
downgrade to some of the world's leading banks
deepened concerns about the global economy and
demand for raw materials.
• Friday's minor gains in New York did little to offset the
ailing market's woes though, with prices down almost 2.5
percent on the week. Despair over the stalemate in
Europe regarding the debt crisis and weakening demand
for the red metal with high stockpiles in China have sent
prices lower every week except one since the start of
May.
• Prices fell over 2.6 percent on Thursday amid
disappointment that the U.S. Federal Reserve chose to
plow more money into bond buying to revive the world's
largest economy, rather than implementing a third round
of stimulus which, would have provided a greater boost to
copper demand.
Friday on a spate of technical buying after prices hit
multi-week lows earlier in the session as they were
dragged down by a lower London market and by weak
German and U.S. data.
• London dropped to six-month lows on Friday only
managing to pare some losses late in the day. A
downgrade to some of the world's leading banks
deepened concerns about the global economy and
demand for raw materials.
• Friday's minor gains in New York did little to offset the
ailing market's woes though, with prices down almost 2.5
percent on the week. Despair over the stalemate in
Europe regarding the debt crisis and weakening demand
for the red metal with high stockpiles in China have sent
prices lower every week except one since the start of
May.
• Prices fell over 2.6 percent on Thursday amid
disappointment that the U.S. Federal Reserve chose to
plow more money into bond buying to revive the world's
largest economy, rather than implementing a third round
of stimulus which, would have provided a greater boost to
copper demand.
