December copper futures on the Comex became cheaper up to 2.35 per pound in the background of statistics from the USA, ucelevshiy fears for the prospects of world economic growth.
MOSCOW, 28 Oct. Copper prices fall on Wednesday after mixed data reinforced concerns over prospects for global economic growth, according to AFP.
As at 08.45 Moscow time, December copper futures on the Comex became cheaper by 0.38% to 2.35 USD per pound (about 0.45 kilograms).
At the end of trading Tuesday the cost of a ton of copper on the London metal exchange (LME) for delivery in three months climbed 0.56% to 5220 dollars per ton. Price per ton of aluminum fell 0.2% to $ 1476, zinc — remained at the level of 1740 dollars.
On Tuesday it became known that the volume of orders for durable goods in the U.S. in September fell by 1.2% compared with August, while analysts expected reduction of 1.5%.
Analyst firm the Conference Board said in turn that the consumer confidence index in the United States in October fell to 97.6 in September from a revised item index in a decrease of 102.6 points. Analysts forecasted that the indicator at the initial level of September at 103 points. In addition to statistics from the U.S. the cost of copper has a pressure uncertainty of China’s economy.
“In China we see an economic slowdown, but it is small. Perhaps this fact is enough to ensure that the exchange continued to demonstrate good momentum, but I’m not sure that’s enough for copper prices”, — quotes Reuters the words of an analyst of UBS Wealth Management in Hong Kong Dominic Schnyder (Dominic Schnider).