Copper prices finish below $7,200 as eurozone remains in recession
Headlines | 2013-05-15 13:55:11
Copper prices closed lower on the London Metal Exchange on Wednesday May 15, after visiting a low of $7,101 following figures showing that the eurozone remained in recession for a sixth consecutive quarter in the first three months of 2013.
By Paul Ploumis
London(ScrapMonster): Copper prices closed lower on the London Metal Exchange on Wednesday May 15, after visiting a low of $7,101 following figures showing that the eurozone remained in recession for a sixth consecutive quarter in the first three months of 2013.
Three-month copper prices closed at $7,198 per tonne, down $47 on the previous evaluation, after official figures showed that eurozone economies contracted by 0.2% during the first quarter and by 1% year-on-year, a performance that was below consensus expectations. Germany grew by 0.1%, below expectations, while France entered a recession after recording a 0.2% contraction for two consecutive quarters.
In the face of a weaker euro and further disappointing economic data, prices have fallen once again with the metal heading back towards $7,100 heading into the afternoon.
Courtesy : metalbulletin.com
