SG:Copper extends weekly drop on concern demand will fall
Bloomberg reporetd that copper fell for a third day, dropping to a one week low after US jobs data added to signs of slowing growth in the world’s second biggest user amid increasing mine supplies.
The contract for delivery in three months on the London Metal Exchange retreated as much as 0.6% to USD 6,577.50 per tonne the lowest intraday level since March 28 and was at USD 6,586.75 in Tokyo. The metal slid 0.8% last week, the first such drop in three weeks. Markets in China are closed for a public holiday.
Payrolls in the US missed estimates in March, rising 192,000 compared with the median forecast in a Bloomberg survey that had projected a 200,000 gain. Two Chinese manufacturing gauges released last week pointed to weakness in the economy, the world’s biggest user of metals.
Mr Tetsu Emori a senior fund manager at Astmax Asset Management Inc said that “The US payroll data fueled concern that demand will slow after disappointing Chinese economic data earlier last week. The weaker outlook for demand would damp market sentiment at a time when supplies are seen rising.”
