首页|Copper dips disappointingly after weak U.S. data
Copper dips disappointingly after weak U.S. data
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NSTL
Copper ended the week on a disappointing note as speculative and fund players liquidated long positions following higher-than-expected U.S. unemployment figures and a slump in equities.Three-month metal slumped to a low bid of 1,574.50 a metric ton before dip buyers entered to support the downside in short covering ahead of the weekend, taking prices to close the kerb at 1,585.50 dollars/ton (bid). The U.S. Labour Department reported that the April unemployment rate climbed to its highest level since August 1994. The rate rose by three-tenths of a percentage point to 6 percent, surprising Wall Street economists who called for an unemployment rate of just 5.8 percent. This confirms that the economy and earnings will not grow as strongly or expand and recover as strongly as strategists had been forecasting, market observers said. Dealers said further rises in LME warehouse stocks will continue to dampen sentiment, with levels approaching the one-million-tons mark. Support is seen down to 1,570 dollars/ton and 1,550 dollars/ton below this, with the market looking to close above 1,600 dollars/ton before fresh upside is seen.
NSTL
