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Copper Market weaker as Eurozone output estimates decline

Financial Bet Staff - 24 Feb 2012
Copper was mildly weaker today at $3.84 per pound, with investors caught between a stronger-than-expected outcome from German business sentiment data and revised expectations for eurozone economic output in 2012 to contract by 0.3%, compared to a previous forecast for growth of 0.5%.
 
Yesterday the market reacted to weak export and manufacturing data from China, the top consumer of copper, with the metal coming off its earlier highs. Adding to the commodity's woes was the sudden rise in oil prices. The longer we see Brent crude above $120 a barrel, the more likely that economic activity will begin to be affected, and that could have a negative impact on the demand outlook for copper and other metals.




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This article is tagged with: Brent, Copper, Eurozone

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