Comex Copper Futures Ended Sharply Lower By Worries Drag On The European Debt

Comex Copper Futures Ended Sharply Lower By Worries Drag On The European Debt

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HC HVAC & R Network According to sources in New York on April 27, COMEX copper futures fell sharply to 27 in March the lowest point since late because of debt worries led investors to the European appetite for risk declined.

Most-active May copper contract fell 16.45 cents, or 4.66%, to 3.3635 U.S. dollars per pound, after earlier hitting 3.3575 U.S. dollars per pound, from 26 March to the lowest point since.

Sparsely traded copper contract in April fell 16.35 cents, or 4.64%, to U.S. dollars per pound 3.3.3635; the contract expires on Wednesday.

27 opening date for copper fell, Greece and Portugal in the Standard & Poor's lowered credit rating, the market decline accelerated. S & P to Portugal

long-term rating lowered two notches to A-, more speculative or "junk" grade from the high two-level, rating outlook is negative. S & P said that if Portugal deficit and debt than expected rating may be lowered again. Tuesday Standard & Poor's also lowered the Greek

rating to junk because of fears that the country address its high debt burden of the implementation of the necessary reform. S & P lowered the rating of Greece from the three levels to BB +, as speculative or "junk" the most advanced, rating outlook is negative, meaning ratings could be lowered again.

LogicAdvisors analyst BillO'sNeill said, "This has made investors from industrial commodity futures market."

"Worried about the European sovereign debt market crisis worsened."

This concern has also promoted the stock market plummeted, because of the market decline in risk appetite.

BillO'sNeill pointed out that the market seems less concerned about the copper market's supply and demand fundamentals, core of the problem is the investor's risk appetite will increase.

The analyst said, "nervous atmosphere that pressure on base metals."

MFGlobal EdwardMeir analyst said "the euro is close to one-year low against the dollar, making the copper under pressure."

In copper before closing, the euro slipped to 1.3236 U.S. dollars against the U.S. dollar, while the reported 1.3364 U.S. dollars late Monday.

The analysts said, China will continue to control the real estate market, concerns have dragged copper, this concern also led to the decline in Chinese stocks overnight.

China as the world's largest copper consumer.

"This worries dragged Shanghai copper prices fell, and the decline spread to the London market, after U.S. markets opened, the dollar higher and the stock market decline increased the market selling."

Decline in the copper process, the stop-loss selling was triggered.

5 copper fell below a recent low of 3.45-3.46 cents.

27 , LME copper inventories fell 775 tons to 505,350 tons. Comex to data released Monday afternoon, copper stocks were flat to 101,128 short tons.

Following closing price: (trading range, including Electronic Plate and floor trading)

5-month contract closed at 3.3635 U.S. dollars per pound, down 16.45 cents, compared with the previous day, trading range between 3.3575-3.5305 dollars.

7 month contract closed at 3.3825 U.S. dollars per pound, down 16.55 cents, compared with the previous day, trading range between 3.3770-3.5510 dollars.

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