Archive for October 16th, 2009
Will Copper Prices Fall Because of Declining Demand?
Copper, the metal used in pipes and wires, declined on speculation that growing stockpiles will lower demand. Supplies will exceed consumption because demand is not very high this year. Inventories monitored by the London Metal Exchange reached the highest level in five months.
Copper prices also fell because of declining imports in China. Prices for the metal doubled in the first half of this year with help of imports by China. Yet shipments slumped in July and August before rebounding in September. Demand may fall further as manufacturers end rebuilding of inventories.
December delivery for copper futures fell $0.031 (1.1 percent) to $2.828 per pound at 11:13 on NYMEX. Delivery for copper in three months declined $83.50 (1.3 percent) to $6,205.50 per metric ton on LME.
Commodity Prices — October 16th 2009
Latest commodity prices (ICE, NYMEX, CME) as of 17:32 GMT:
Oil (Brent) — $76.32
Gold — $1,050.51
Silver — $17.39
Palladium — $326.50
Platinum — $1,340.55
Copper — $6,250.00
Aluminum — $1,906.00
Nickel — $18,700.00
Zinc — $2,050.50
Cocoa — $3,285.00
Sugar — $23.85
Corn — $373.50
Soybean — $37.25