Thursday saw copper futures slip to their lowest price in 14 days in response to a growth forecast reduction in the European Union as the sovereign debt crisis continues wreaking damage, Bloomberg reports.
This year's gross domestic product is projected to be 1.5 percent rather than 1.6 percent, according to the European Commission, which is the executive arm of the European Union. Next year's gross domestic projections are 0.5 percent, a sharp reduction from the 1.8 percent expansion originally projected.
"For now, everyone is looking for the next problem," analyst Dan Smith with Standard Chartered in London told Bloomberg. "The story for commodities over the medium term and long term is still a good one, but we're going to see a few more weeks, or maybe months, of continued volatility."
At 4:04 p.m. on Thursday, copper futures dropped 1.98 percent, a 6.8 cent loss to $3.373 per pound.
Dow Jones Newswires reports the industrial metal slipped due to reduced demand even though nations like Greece and Italy demonstrated a willingness to tackle the sovereign debt crisis.
