Copper Falls On US Demand Questions

Posted by: : Paul EbelingPosted on: April 5, 2014 Copper Falls On US Demand Questions

Copper Falls On US Demand Questions

TECK

Copper futures fell for the 2nd straight day Friday on a US government report showing job growth trailed estimates triggered concerns that demand will falter in the US, the world’s 2nd biggest user of the Red metal behind China

NFPs (Non Farm Payrolls) rose 192,000 in March, less than last month and trailing the median forecast for 200,000 in a survey of economists. On 2 April, Teck Resources Ltd. (NYSE:TECK) and Pan Pacific Copper Co. ( said their Copper mines were unaffected by an earthquake in Chile, the top producer.

Copper futures for May delivery fell 0.1% to close at $3.0225 lb at 1:25 p on the Comex in New York. The price has dropped 11%  this year due to concern that demand will ebb in China, the biggest consumer of industrial metals.

On the London Metal Exchange (LME), Copper declined 0.4% to $6,619 ton ($3 lb).

Nickel rose 0.6% to $16,385 ton. Earlier, the price reached $16,591, the highest in a year, on mounting global supply concerns and increasing demand.

Zinc and Lead gained, while Aluminum and Tin fell.

Stay tuned…

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Paul Ebeling

 

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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