Posts Tagged ‘Philadelphia Fed’
Copper & Oil Declines on Economic Reports from US
Copper prices declined today after the report of the Federal Reserve Bank of Philadelphia showed that US manufacturing activity unexpectedly slowed in August. Philadelphia Fed index dropped from 5.1 to -7.7 this month. Median forecast was an increase to 7.1. A figure below 0.0 indicates worsening conditions. December futures for copper delivery slid $0.023 (0.7 percent) to $3.3475 per pound by 10:29 on COMEX.
Philadelphia Fed report, together with an increasing number of unemployment claims, also drove down prices for crude oil. Claims for jobless benefit jumped from 488,000 to 500,000 last week. It was even more frustrating, considering that analysts promised a decline to 478k, not an increase. Signs of economic slowdown suggest that demand for commodities, including copper and oil, may wane. October settlement for crude oil went down $1.34 (1.8 percent) to $75.13 per barrel on ICE.
