Copper Follows Other Commodities in Decline
Copper fell, following other commodities as US nonfarm payrolls caused mixed reaction among traders. Optimism about potential improvement of the US economy was mitigated by fears that the Federal Reserve may drop its stimulus plan. The Standard & Poor’s GSCI Spot Index of commodities dropped as much as 1.4 percent.
Copper has another negative factor — China. Chinese manufacturing continuously shows signs of decline and that means less demand for the industrial metal. Being the biggest consumer of copper in the world, China has a great impact on metal’s prices.
Copper fell from $3.7905 to $3.7510 per pound on COMEX. The drop completely erased yesterday’s gains of the metal.
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