Market Updates
Copper Falls on Dwindling Chinese Demand
Ivaylo
13 Jun, 2007
New York City
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Industrial metal prices sank on Tuesday with copper down more than 2% down on slowing demand from China. Chinese drop was expected though, as the country
[R]5:30AM Copper loses more than 2% Tuesday, gold and silver sink on profit-booking.[/R]
On the New York Mercantile Exchange, copper shed 6.9 cents to end at $3.287 a pound. Chinese imports of copper fell 28 percent in May from April. China is the greatest source of demand in the metals futures and any waning in Chinese imports unnerves the market.
Precious metals prices also retreated. Gold for August delivery shed $5.90 an ounce to settle at $653.10 on the Nymex as the U.S. dollar gained against the euro and other world currencies. Gold is considered a hedge against inflation. July silver gave up 18.5 cents, settling at $13.09 an ounce.
After crude oil futures added more than 1$ a barrel on Monday, gold lost on Tuesday on profit-taking. Light, sweet crude for July delivery fell 62 cents to close at $65.35. Gasoline futures dropped 1.63 cents to end at $2.135 a gallon.
On the Chicago Board of Trade, wheat rallied, extending gains from Monday when it advanced 28 cents. July wheat rose 9 cents to settle at $5.65 a bushel on the CBOT. July corn lost 2.4 cents a bushel to close at $3.934, while soybeans finished down 3.4 cents at $8.264 a bushel.
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