ONE: Copper continues slide as oil prices threaten economic recovery
High oil prices have weighed on copper in trading today (March 8th), with investors worried that slowing economic growth will reduce demand for the metal.
Those in commodities trading saw copper slide for the fifth day in New York, marking its worst run since last June, Bloomberg reports, while violence in Libya saw Crude reach a 29-month high.
Copper for May delivery declined 0.6 per cent to $9.457 (£5,861) a metric tonne on the London Metal Exchange.
Daniel Brebner, an analyst at Deutsche Bank, told the news provider that those in commodity trading will see oil prices continue to weigh on the metal.
"The copper market's under some pressure, obviously because of the events in the Middle East," he added.
Kuwait's oil minister has revealed that the Organisation of Petroleum Exporting Countries is weighing up whether or not to boost production to make up for the fall in supply as a result of the situation in Libya.
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